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Sentiment Cycle
By Lawrence G. McMillan

Justin Mamis was a famous stock market technician (he died in 2019). I particularly recall that he and James Dines were the only newsletter writers that seemed to be consistently bearish on the 1973-74 bear market, while it was in progress. Mamis wrote three books and created a “cycle” chart of the stock market. Many technicians today still cite his cycle chart – printed below.

Justin Mamis Cycle

I’m not going to get into a long discussion of this chart, but if you compare it with the chart of $SPX on Page 1, you’ll see that many of the areas line up quite well. Some feel that we are in the “Aversion” stage right now...

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