The market is showing some disappointment at the small miss on payrolls which I had speculated yesterday was likely, although the seasonally fudged number came out higher than it should have. What else is new?
On the Spoos futures, the 5 day and 2 day cycles have entered down phases with the Spoos currently sitting on one of the inner 2 day cycle ribbons at approximately 1247. That’s minor support. If it gives way, the next support line comes in currently at roughly 1235. The first inner ribbon 5 day cycle line comes in at roughly 1230. If that were to cave, then the down phases would go from benign sideways consolidations to something that bears would find more to their liking, and bulls definitely less so. For bulls to retake control, they would first need to clear the 5 day cycle line at 1255. Time is on the bears side, with both 2 and 5 day cycle upturns probably not due until at least late today, if not in the pre market session on Sunday night or Monday morning. 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 9:L25 AM NY time.
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.
Here’s a look at gold.
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.
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