According to my risk summation system, the days in the next week or so with the highest probability of seeing a turn in or acceleration of the current trend in the DJIA are Monday May 15th and a window stretching from Friday May 19th thru Monday May 22nd.
Last week the mid-week risk window may have tagged a local hourly double top, the importance of which will depend on what happens in the Monday the 15th risk window - acceleration down Monday, then a winner, flat or rallying Monday, lame, not quite a dud, but not stellar either.
The QQQ triangle that I posted during the week is still winding tighter into the focus, so it should pick a direction and break pretty darn soon.
My EWave primary count expecting more upside to complete a "B" wave still has a pulse, but it's breathing heavy and may need a shot of adrenaline to get its mojo back pretty soon. Speaking of market druggists, loads of Fed heads are taking to the speaking stump this coming week, so lots of pumping potential could be in the pipeline.
My Chicken Little concerns for a big market reaction if the Tuesday just past debt ceiling meeting flopped was misplaced. Calamity was postponed yet again. Although the market did turn down at a double top that I showed above, it was nothing dramatic. The risk window signal this coming week is much stronger than last week's, so maybe the big reaction has just been delayed. Hard to say, but I did hear that head-in-the-sand strategy ostrich was trying to set up Chicken Little on a date with Colonel Sanders, so I guess the sky is still safe for the time being.
Regards,
Douglas
