ΣL Cycle Summary
This is the 40 week nominal wave as described recently in the S&P 500 (SPY) but features a good deal more modulation in the tech based index. For that reason the signal is rated a C category here, moderated with the knowledge that, regardless of the lower rating, this component is correlated across indices worldwide. The reason for the increased modulation is a larger influence from higher frequency components over the last few years. In simple terms it has been more volatile over shorter periods. This can be seen below with a powerful periodic feature around 115 days shining through and competing with the much longer (theoretically more powerful due to 1/f) lower frequency components.
The 40 week nominal wave is now peaking, the next trough estimates are described in more detail in the signal target & detail section below.