Remaining broadly bearish

Despite being net higher for October by 113pts (5.9%) at sp'2033, the monthly cycles remain outright bearish. Equity bears need to restrain the current rally to a monthly close no higher than the 10MA in the 2040s. Any monthly close in the 2050/60s will open the door to new historic highs into early 2016.

sp'monthly9

Summary

Without question things are now extremely borderline.

Based on past grand multi-year cycles, so long as the bears can hold the market for a monthly close under the monthly 10MA, things can be considered as still broadly bearish.

Indeed, the underlying MACD (blue bar histogram) cycle remains deeply negative, and will very likely stay negative until January.. even if the market can climb into the sp'2100s.

*as ever.. it will be important to consider other indexes... along with other world markets.
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For the moment... holding at MARCON 6