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Market Afternoon Update

The SP futures have slid to the outer 2 day cycle inner channel band (red channel lines) as the news flow out of Europe broke a 2 day cycle up phase and a trending pattern in the 5 day cycle (blue channel lines) this morning. The Spoos are headed from the lowest 2 day cycle channel line now at 1234 and descending. If that doesn’t hold, the likely target would be the outer 5 day cycle line now headed toward 1225.

2 day cycle oscillators are now deep in negative territory with no sign of an upturn. A crash can’t be ruled out if support breaks at 1234 or 1225. The 5 day cycle oscillator had been in a gentle decline, while price was uptrending, and it began to turn down more sharply this morning. The loss of momentum that preceded this down move is normally a sign of distribution.

Follow my real time intraday cycle updates with cycle price targets during the day at The Stool Pigeons Wire at Capitalstool.com.

Here’s a look at the Spoos 30 minute bar chart as of 1:40 PM 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 terms of use of this website.

S&P Futures Intraday Chart- Click to enlarge

The daily cycle charts are updated in the Wall Street Professional Edition market update every day. 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 showed the way this morning, but it is now holding at its inner downside 2 day cycle channel line. The next support would be the outer 2 day cycle line now approaching 1700 If that area gives way, the next target could be the 5 day cycle outer band around 1690. If they hold above 1700, the 5 day cycle centerline around 1720 would be the first resistance challenge. 2 and 5 day cycle oscillators remain weak. A good bottom is usually preceded by positive divergences in the oscillators.

Intraday gold chart- click to enlarge

The technical outlook for gold and the Precious Metals stocks are updated 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.

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