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Market Opening Outlook 11/3/11

It was another typical overnight as the Spoos traded in a “tight” 25 point range, down in Asia, up in Europe. Who was it that said that Europeans were dour? Apparently, they’re the cock eyed optimists. Just what are they looking at?

In technical terms the 5 day cycle remains in an up phase. The 2 day cycle turned up with the opening in Europe, and that up phase continues heading toward the NY open. As I write, the Spoos fucutures just busted out through the last 2 day cycle line resistance at 1248, and are headed for the top of the 5 day cycle channels at 1260. If they get through that, the sky’s the limit. Well, not really, letting you in on a bit of insider information, I see potential resistance on the daily charts around SPX cash around 1260 and 1272 (subscribers should check the charts in the Professional Edition market update). The 5 day cycle should peak and pull back today. My guess at this point would be that the 1250-60 area won’t be breached.  Follow my real time intraday cycle updates during the day at The Stool Pigeons Wire at Capitalstool.com.

Here’s a look at the Spoos 30 minute bar chart as of 8:53 AM NY time.

S&P Futures Intraday Chart- Click to enlarge

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.

Gold has broken out but is pushing cycle line resistance this morning.

Intraday gold chart- click to enlarge

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.

UPDATE 9:06 AM With the ECB rate cut announcement, crude is also attempting a breakout. The October 25 pivot high to watch was 94.50.

For every central bank action, there is an equal but opposite, unintended negative consequence. Commodity inflation to the moon would be one.

Intraday gold chart- click to enlarge

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