Menu Close

Market Opening Outlook 11/17/11

The manipulation that’s the dominant feature of scam week (opex) trading typically rips cycle patterns to shreds, and this week has been no exception, but we do the best we can to identify support and resistance and likely turning or breakout points. Yesterday the 2 day cycle projection on the cash SPX at the close was around 1225-30. The futures got to a low of 1220 this morning. Some 2 day cycle indicators formed positive divergences as the spoos made a lower low. The futures are now trying to break through the descending 2 day cycle centerline at 1233.75.  The 5 day cycle lines are also still descending.

All of the cycle oscillators are on the cusp of buy signals. If the Spoos break through 1234, that would signal an upturn in the 2 day cycle. If they fail on the opening push, then the level to watch for support would be the converged inner 2 and 5 day cycle lines around 1227-28. Below that the downside would open up to the outer 2 day cycle lines now around 1216 and 1211. If they do break through the 2 day cycle centerline, the initial resistance should be at the convergence of the 5 day cycle centerline and the first inner 2 day cycle channel line now at about 1240.

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 9:26 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 looks weak.

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.

 

 

This site uses Akismet to reduce spam. Learn how your comment data is processed.

RSS
Follow by Email
LinkedIn
Share