ΣL Cycle Summary
As alluded to in our recent report for the 80 day nominal wave in US stock markets, this smaller component has taken the mantle for price movement from it’s larger brother in recent times, readily detected in our time frequency analysis. Seemingly alone in it’s quest to push price higher it is now approaching the next peak iteration, a peak which may well be a price peak of larger, longer components, not least the ~80 day wave. Within the Nasdaq the amplitude of this wave is notable and outshines that of the S&P 500.