After some weakness over the holiday as the S&P futures traded in Europe and Asia, they have bounced back a little here in the US pre market, just in the last half hour. Millions of amateur traders are home in front of their computer screens today, while many pros are taking the day off. Strange things can happen on Black Friday.
The spoos have rebounded to the declining 2 day cycle centerline, after riding the next lower 2 day cycle line, which has been converged with the first lower 5 day cycle line throughout Thursday and today so far.
Those lines, now at about 1148-48, have acted as support. The 2 day cycle centerline at 1157.15 and the 5 day cycle centerlin at 1159 represent resistance. If cleared, the next resistance would be the next 2 day cycle line at 1166.
2 day cycle indicators have edged to the buy side in the last hour, but the 5 day cycle oscillator is still buried and flat lining in negative territory, still indicative of trending. Except for brief forays of a couple of points lasting no more than an hour, the spoos have not been able to poke their head above the 5 day cycle centerline since November 16. In that respect 1161-62 would need to be breached to indicate a change in that down trending pattern.
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Gold is trading flat since yesterday. Its price is now bumping up against the 2 day cycle centerline at 1680. The 5 day centerline is just above at 1685. They need to get through both to get anything going on the upside.
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