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Market Sitting On The Dime

At the close of the NY cash market yesterday, 2, 5, and 8 day cycle oscillators were on the sell side, but initial downside projections around 1265 were reached on an implied basis shortly after the close. However, if the SPX does not recover above 1267 in the early going, it looks vulnerable initially to 1262-1260.

SPX Cash - click to enlarge

ES futures (S&P electronic mini) rallied in Europe but in the last half hour began to pull back, putting faster 2 day cycle indicators on the sell side, with slower oscillators on the cusp. The 5 day cycle is still trending, but its oscillator is in a negative divergence. So it appears that the bears have a shot today. The key is probably the converging 2 and 5 day cycle centerlines at 1258-60. If that breaks, the first support line is around 1250. On the other hand, if it holds, the first resistance is up at 1270.

Here’s a look at the Spoos 30 minute bar chart as of 9:30 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 Wall Street Examiner terms of use.

S&P Futures Intraday Chart- Click to enlarge

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