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Market Opening Outlook 11/23/11

The S&P futures broke support at 1180 after the NY close, falling to the declining outer 2 day cycle ribbon at 1169 and pretty much parking in a range ever since as the cycle lines continued to head lower. The sideways movement brought the Spoos back to the downtrending 5 day cycle inner cycle line, which is now at 1173. Futures have been trading at or above that level since around 9 AM NY time, wedged below the declining 2 day cycle centerline at 1176.

The 5 day cycle has not been evident on the 24 hour futures chart. It has appeared to be trending lower. However on the cash SPX chart based on NY trading, a 5 day cycle high appears to have been due yesterday afternoon, with the next low due Friday or Monday. However, factoring in where the SPX is likely to open this morning, around 1175-77, the downside projections for the 2 day and 5 day cycles on the cash market only point to a low around 1175.

Right now on the futures, 2 day cycle oscillators are mixed, with 2 on the buy side, and one on the sell side. Today’s early trend should be set by whether the Spoos clear the 2 day cycle centerline at 1176 on the upside, or the inner cycle line at 1170 on the downside.

Follow my real time intraday cycle updates with cycle price targets during the day at The Stool Pigeons Wire at Capitalstool.com.

Here’s a look at the Spoos 30 minute bar chart as of 9:25 AM NY time. Blue lines more or less represent the nominal 5 day cycle. Red lines more or less represent the nominal 2 day cycle. The first oscillator more or less represents the 5 day cycles. The 3 lower oscillators more or less represent the 2 day cycle. Cycles vary in length and are not the sole component of price action. Outside influences and random noise may have a significant impact at any time, often unpredictable. These charts and their interpretation are meant for educational, informational, and entertainment purposes only and are subject to the terms of use of this website.

S&P Futures Intraday Chart- Click to enlarge

The daily cycle charts are updated in the Wall Street Professional Edition market update every day. Get daily updates on the 4 week, 6-7 week, 13 week, and 6 month cycle projections along with regression channel and equal width channel support and resistance chart updates daily in the Wall Street Examiner Professional Edition Daily Market Update. Try the Professional Edition risk free for thirty days. If, within that time, you don’t find the information useful, I will give you a full refund. It’s that simple. Click here to become a member and get instant access to the current report and all past reports.

Here’s a look at the gold chart.

Intraday gold chart- click to enlarge

The technical outlook for gold and the Precious Metals stocks are updated each morning in the Wall Street Examiner Professional Edition Precious Metals Report. Try the Professional Edition risk free for thirty days. If, within that time, you don’t find the information useful, I will give you a full refund. It’s that simple. Click here for more information.

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