SPX (cash) opened weaker, falling below the 8 day cycle centerline, but is since has recovered above that line. The 2 day cycle projection of 1290 was almost hit in the opening moments. 5 day cycle indicators are on the cusp of sell signals, but the 2 day cycle is opposed, with the indicators on the verge of buy signals. This is a recipe for a rangebound market.
The first challenge on the upside will be to get above the 8 day cycle centerline at 1293.50, and then the 5 day cycle centerline at 1296. Failing that, they should pull back again.
Here’s the cash SPX chart (time stamp in lower right corner).
The SP futures (or ES electronic mini S&P) have been weakening since peaking at 5 AM NY time but they are holding near the declining 2 day cycle centerline at 1291. 2 and 5 day cycle indicators are whisawing around their signal lines. The 2 day cycle centerline and the 5 day cycle centerline around 1294-95 are the key resistance lines that need to be broken to get any upside going. If they weaken further from here, an air pocket is indicated down to where the next set of 2 and 5 day cycle channel lines converge around 1280.
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Here’s a look at the Spoos 30 minute bar chart (time stamp in upper right corner).
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