Today is the first day of a turn cluster in equities that may run until the early part of next week or which may be the first of a pair of two closely-spaced turns. This is what we wrote in the latest turn update in the July 29th edition: "The cluster due toward the end of September is rather diffuse and turns occur in different parts of the world on different days. We have merged them all into one turn event but this is little more than a guess from us – there could be two closely-spaced turns in the world’s stock and financial markets that comprise a ‘swerve’ in which a high and low closely follow one another (or a low then a high). We will advise as we see events unfold, as usual."
Equity markets have continued to trade in choppy ranges and this makes the 'swerve' alternative more likely as the erratic behaviour will probably continue. Today there has been a slight new low in the little down-trend of the last few days, which argues that a bounce is now likely into a high point that will be due next Monday, the 29th September.
More as we see it,