Sigma-L - Market Cycles

Sigma-L - Market Cycles

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Sigma-L - Market Cycles
Sigma-L - Market Cycles
VanEck Steel ETF (SLX) - 4th March 2024 | @ 282 Days | - 8.04%
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Metals

VanEck Steel ETF (SLX) - 4th March 2024 | @ 282 Days | - 8.04%

Last trade: - 8.04% | 'B' class signal detected in VanEck Steel ETF (SLX). Running at an average wavelength of 282 days over 12 iterations since October 2015. Currently troughing

David F's avatar
David F
Mar 04, 2024
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Sigma-L - Market Cycles
Sigma-L - Market Cycles
VanEck Steel ETF (SLX) - 4th March 2024 | @ 282 Days | - 8.04%
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Instrument Summary

The VanEck Steel ETF (SLX) is an exchange-traded fund that aims to replicate the performance of the global steel industry. SLX provides investors with exposure to well-established steel companies worldwide, including prominent entities such as Nucor Corporation, Steel Dynamics Inc., POSCO, and ArcelorMittal.

ΣL Cycle Summary

The latest down leg of this historically quite stationary medium to long term wave in our Steel proxy has been flat to bullish over the period since early November 2023. There is clearly underlying power coming from the larger component low which troughed in 2020 and which underwent a pause in power (bull flag for those traditional TAs!) between November 2021 and May 2023, allowing this wave to beat with clarity during that period. A smaller wave has punctuated the current iteration of this cycle (@ ~ 282 days), which, according to the phasing analysis is troughing at the time of writing +- some notable frequency modulation of around 31 days.

Trade Update

See also: Live ΣL Portfolio & History

Summary of the most recent trade enacted with this signal and according to the time prediction detailed in the previous report for this instrument, linked below.

Type: Sell - SLX 3rd November 2023
Entry: 3rd November 2023 @ 65.64
Exit: 4th March 2024 @ 70.92
Gain: - 8.04%

Before and After

Signal comparison between our last report and the current time, in chart format.

Time Frequency Analysis

Time frequency charts (learn more) below will typically show the cycle of interest against price, the bandpass output alone and the bandwidth of the component in the time frequency heatmap, framed in white. If a second chart is displayed it will usually show high-passed price with the extracted signal overlaid for visual clarity.

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