The intermediate-term equity view remains unchanged: down.

The week of NOV 11 (43 week static cycle shared on NOV 11) managed to cap the rally which has confounded many since its momentum peaked early this past summer (JUN 6). This was also the exact time zone projected for a turn by the Green cycle illustrated below. As all previous projected turns, we will wait and observe the market's ability to counter this newfound downtrend which will provide us with additional information. The intraday count calls for a counter move higher over the next 2-3 sessions. This pause in the decline complements the macro structural and cyclic picture.

NOV 21 will prove to be another noteworthy inflection point. It is the third component of a static cycle which began on the low following SEP 11 2001 (SEP 21) and followed with a violent low on JUL 22 2002. Complementing this historically significant static cycle, is a TOP-TOP count originating from the low which wronged many on AUG 6.

9/21/2001>>7/22/2002>>11/21/2003
8/06/2003 + 107 = 11/21/2003

From an analog perspective, the SP500 continues to mimic the time aspect of the 1993-94 Nikkei. This analog was posted on OCT 28.