The US has suspended all funding and security coordination with Iraq's government, and suspended dollar shipments to Iraq's central banking system - Al Hadath
3) It's very rare for a 40W cycle (top panel) to fail (make a new low below starting point) and then make a new high. I looked back at SPX history and only found 1 other such case
-A typical structure is shown below via arrows and it has M-shape with a bearish tilt: this is how I expected the current 20W cycle to develop
-Now we have to wait for price action to show any signs of bearishness first, because a bullishly configured cycle can continue higher into June. As mentioned, models triggered buy signal but participation is quite narrow so far and volume is light. IMO downside resolution in a few weeks still highest probability outcome but we need price action to confirm first. Cycles are a set up and PA and models are a trigger we are waiting for.
-Bottom panel shows 20W cycle which I expect to sync up with 40W cycle around July:
$SPX upd:
-Big picture remains unchanged: I am expecting a bear market with a buyable 3.5Y cycle low around Q3
-See below Dec 2024 projection with updated price
-20W cycle low came on time (1 day after ideal date of Mar 27 in pinned post)
-I didn’t expect new ATH: I thought we’d reject around golden pocket retracement. Between CTA mechanical bid and Trump playing the market like violin we have the blow off top I was expecting in Feb, market always finds a way to laugh at you
-The new 40d cycle is 1/2 way through and next week should tell us whether this rally has more upside or terminates here
-For my base bear case I had Apr 17 as turn date, but so far no signs of a slowdown in buying yet. Opex often provides a pivot in the cycle - or a few days after it.
-Based on Hurst method we still have potential several % more upside in $SPX which I’m not chasing as just like in Feb when I exited the market RR for a trader like me who likes holding positions for several months is not great and we have weekend headline risk.
-Timing wise next 40d low is due ~May 7 which should give us more info on the structure (depth of a pullback and strength of a bounce into late May) which then sets up bigger decline into a higher degree summer low.
-Leading indicators showing bigger decline is still ahead in a few weeks so staying cash heavy.
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