On the S&P futures 24 hour basis, the 2 day cycle is due to peak this morning. The 5 day cycle is in an up phase which is ideally due to peak on Wednesday. The Spoos are currently resting just above the inner 2 day and 5 day cycle lines, now at 1263 and rising, with 2 day cycle based oscillators still on the buy side.
The up phase will be intact and should accelerate until these lines are broken. The next resistance is likely at the 2 day cycle outer ribbon around 1275-80 and rising. That should mark the high of the 2 day cycle unless they first break the support lines now at 1263. If those lines are broken, the first support should be at the 2 day cycle centerline now at 1254 and rising. More significant support would be at the lower inner 2 and 5 day cycle lines now converging just above 1250.
The cash SPX had a 2 day cycle projection of 1266 at the close yesterday. The market appears poised to open around that level suggesting that the 2 day cycle should top out near the open. 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 9:27 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.
Gold has run into a resistance band at 1778. If it clears that, the next target should be 1790, but if it can’t hold above 1770, there’s a bit of an air pocket below.
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.
Join the conversation and have a little fun at Capitalstool.com. If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter.
Here in the opening moments, cash 3 day cycle projection looks 1280.
Futures broke the inner ribbon, suggesting 2 day cycle high is in.
Well, now they’re fighting back to the lines. It ain’t over till it’s over. This is the battle, right here.
http://www.capitalstool.com/forums/index.php?showtopic=11323&view=findpost&p=869957
Starting to break those inner ribbons.
spx 3 day cycle projection pulls back to 1272. Close enough for gummit work.
approaching first inner cycle lines http://www.capitalstool.com/forums/index.php?showtopic=11323&view=findpost&p=869976