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Market Opening Outlook 11/22/11

The cash market overshot a 2 day cycle projection of 1196 in the late going yesterday and even though it pulled back in the closing moments, 2 and 5 day cycle indicators remained on the buy side.

The S&P futures pushed a little higher overnight in Asia, reaching the declining 5 day cycle centerline, with the 2 day cycle staying in a flat up phase. The Spoos failed to cross the centerline, and within the last hour 2 day cycle indicators fell to the sell side. The Spoos dropped back below the 2 day cycle centerline now at 1192.75, and moving sideways. The price is holding at the next 2 and 5 day cycle lines down, at 1186.50 and 1183.50. If those break, the next support would be the 2 day cycle outer ribbon at 1169-74, and the bottom of the 5 day cycle channel at 1166. If they drop below those bands, the crash would be on.

On the other hand if they hold at 1183-84, then the rangebound pattern would continue. The key to any upside would be the ability to clear the declining 5 day cycle centerline now at 1196.

Time would favor the 2 day cycle turning down here leading to a move to the lower support lines over the course of the day. 2 day cycle indicators would need to reverse to the upside. If they do so from a higher low than yesterday, that could lead to a rally.

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.

Gold’s 2 day cycle is in an up phase. The price of gold is above the 2 day cycle centerline at 1683, but below the still declining 5 day cycle centerline at 1698. The direction of the break from those parameters should signals the next significant move.

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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