About four years ago I went to a Bloomberg hosted talk on Market Cycles. I have been wracking my brain and Google trying to find the presentation and speaker name (which was available on line) but I thought the talk interesting enough to market in my Google calendar the date for the New Moon in October 2017, which was a focus point convergence of a number of market cycles and potentially a significant market top event (the countdown clock in the sidebar). The years have since ticked by and we are not just a couple of days from the October 2017 New Moon. The market has at least cooperated by sitting at new all-time highs but whether this evolves into a major top remains to be seen. I'm mad with myself that I can't find in my pinboard or delicious bookmarks the link so all I can say is the day will soon be upon us and let's see what happens from there... Other than speculating on the big 'what-ifs' there is very little to say about the market in recent days. Action

Not a whole lot to say about today. Small loses didn't erode prior gains but the tight action offers swing traders the best chance for gain; trading the narrow range coil offers an attractive risk:reward. Long-term traders need to wait for an oversold condition before building their positions. The S&P is at channel resistance suggesting shorts have the edge. Stops go around 2,560.

It wasn't a day for big moves but markets continued to post modest gains. The S&P registered an accumulation day on higher volume as technicals remain firm. The index is looking to accelerate beyond channel resistance,

No surprise to see sellers step in and take profits with markets at or near all-time highs. The S&P remains at channel resistance with 2,553 still a stop level for potential shorts. Volume was light so there was no real conviction to the selling.