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Market Opening Outlook 11/16/11

The 5 day and 2 day cycles on the SP futures appear poised to head down after weak, sideways up phases. That’s usually a powerful, bearish combo. A 2 day cycle low is not due until tomorrow. A 5 day cycle theoretical low isn’t due until next Tuesday.

The spoos are trading at 1243, right at the 2 day cycle lower inner cycle line. The next support would be the first lower inner 5 day cycle line now around 1236. If they bounce instead, the next resistance would be the converging 2 day and 5 day cycle centerlines now at approximately 1248. If either support or resistance breaks, the next support or resistance lines would be about 5 points away. Both 2 and 5 day cycle indicators are currently on the sell side.

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 9:29 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.

Gold also appears to be turning down, with similar timing.

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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