Posted Oct 30, 2014 by Martin Armstrong
Here is Thursday and we have broken back up to new highs on our cyclical models without electing a bullish reversal yesterday. Resistance stands at the 17195 level and a closing below 17000 today will imply that we have a high in place. Closing resistance will stand at 17010, 17143, and 17246. We need a closing above at least 17,143 to imply that we could continue higher into next week. Otherwise, a failure to closing above 17142 will suggest we may have the high today.
Tomorrow is the end of the month. We are looking at a closing below 16898 tomorrow will suggest that we should press lower. A closing tomorrow below 16920 will imply that we may see a break next week back to test support.
We have the elections next week. While the Republicans may gain seats in the House and retake the Senate, the sad part is this is still unlikely to create any change. Unless you can get rid of the leadership, there will be no change. The Republicans will still support the NSA and other Draconian measures as we…