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Market Opening Outlook 11/25/11

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.

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 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.

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.

9 Comments

  1. Lee Adler

    Now that the futures have broken through the 5 day cycle centerline, watching the cash where the 5 day cycle centerline is 1168. 5 day cycle indicators yet to turn up.

  2. Lee Adler

    Home for the holiday? You too can have fun and make money trading stocks on your days off! Get our free dvd telling you how to enjoy this profitable passtime now!

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