According to my turn probability summation system, the day this week with the highest likelihood of seeing a turn in or acceleration of the current trend in the DJIA is Monday March 23rd, closely followed by Tuesday the 24th and Thursday the 26th, etc., etc. Pretty much every day this week has an elevated summation value as has been the case now for I don't know how many weeks, really aggravating.
Last week the two highest turn summation days shown in the Marketwatch.com plot below, Monday the 16th and Thursday the 19th, only caught hesitations in the path down, so were duds which doesn't really surprise me given the elevated system readings for every cotton picking day last week too. If this crap keeps up for another week, I'll stop publishing these readings until the system gets its groove back since they aren't providing any real value.
Speaking of not providing any real value, my latest short term EWave daily count indicates that an end to the beginning of this bear market should be close at hand, if indeed it is actually a bear market that is. This is further confirmed by very low sentiment readings in the surveys that I track. Any even remotely good news should produce a bear slaughtering, short squeezing vertical rally. The form of this rally should clarify whether the bear has finally climbed out of his hibernation cave or has been made extinct by climate change or the Fed depending on which you think is worse, CO2 or J. Powell.
Regards,
Douglas
