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.
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Here’s a look at the Spoos 30 minute bar chart as of 9:23 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 terms of use of this website.
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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.
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