The overnight action was relatively quiet in the Spoos. The 2 and 5 day cycles’ sideways up phase pattern (an up phase in time that doesn’t go up) was maintained through the night as markets traded from the Far East to Europe. The players are waiting expectantly to see what Ben drops in the bowl, not to mention, which bowl he drops it in. The 30 minute bar chart on the S&P fucutures has a slight uptilt, with a trading range of 1220-1240. The 2 day cycle is due to begin a down phase this morning, but the real action won’t start until the bowl splasher is released just after 12:30 PM ET when the FOMC announcement is due. I would also keep in mind that the market’s usual initial reaction on FOM Circus day is often reversed the following day, after traders have had a day to mull things over.
UPDATE 9:44 AM SPX initial 2 day cycle projection 1237-1243.
Follow my intraday cycle updates during the day at The Stool Pigeons Wire at Capitalstool.com.
Russ Winter, Aaron Krowne, and I will be getting together for a Radio Free Wall Street podcast just after the Fed announcement, to give you our instant analysis. That will be posted later this afternoon. I invite you to join us there.
As usual I will be updating the daily cycle charts in the Wall Street Professional Edition this evening. 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 how gold looks this morning.
I update the technical outlook for gold and the Precious Metals stocks 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.