The ES futures are gyrating wildly between the 2 day cycle inner channel lines (red lines), interrupted by news noise bombs. The lower support line now at 1251 has just been slightly broken as I write this. The upper resistance line is around 1274. The centerline around which price has been gyrating is now around 1263. The 2 day and 5 day cycle channels overall are in a very shallow uptrend. Neither cycle is cycling at their nominal rates. The 2 day cycle has been running shorter at about a day to a day and a half. The 5 day cycle (blue channel) has been trending.
2 day cycle oscillators are on the sell side, portending a down morning with the cash market opening around 1250-55. the 5 day cycle oscillator has been in a gentle decline, while price has been uptrending. The loss of momentum is normally a sign of distribution. That indicator has just edged to the sell side. The 5 day cycle inner channel line now at 1247 is key support. Given the downturns in the oscillators, that seems unlikely to hold. The 2 day cycle channel appears to be just now turning down, with the outer support band at 1237-42, and the outer 5 day cycle band at 1229 the possible targets for this move.
Follow my real time intraday cycle updates with cycle price targets during the day at The Stool Pigeons Wire at Capitalstool.com.
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 may be leading the way down, already hitting the 2 day cycle outer bank, and piercing the 5 day cycle inner channel line. If that area gives way, the next target could be the 5 day cycle outer band around 1695. If they hold, the 5 day cycle centerline around 1737 may be the upside target.
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.
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.