Running late this morning, so I will keep this short. You can see the support and resistance lines on the chart. Approaching the open, the S&P futures are sitting right on the 2 day cycle cetnerline. If that breaks, the bias for the day should be sideways to down. 2 day cycle oscillators have edged to the sell side from negative divergences, usually a bearish indication. The 5 day cycle oscillator is still rising but losing momentum. The 5 day cycle centerline now approaching 1186 is the key to that cycle. As long as the Spoos are above that the trend is still up.
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Gold is sitting right above the 5 day cycle centerline at 1713. As long as it stays above that, the cycle would still be in an up phase, but if it drops below, look for a pullback.
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