SP futures have entered a nominal 2 day cycle up phase, hemmed in by resistance at 1248 and support at the centerline of the cycle at about 1238. The actual duration of the cycle has been running at only a day to a day and a half for the past week or so. On that basis a cycle high would be due this morning. The question is where. If not the 5 day cycle centerline convergence with the 2 day cycle inner band at 1248, then the next target would be the next convergence of cycle lines at 1255-60.
The 5 day cycle has begun an up phase. Here again, time counts suggest a high as early as today. The 5 day cycle oscillator (Macd 99,100) is on a weak buy signal. If they get through this 1248-49 resistance area however, the move would probably strengthen and hang on through next Monday or Tuesday.
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Gold is in a similar time setup, only weaker than stocks as it sits on the 2 day cycle centerline at 1717 with support, not only short term but intermediate, at 1708. It may be the leader hear. If it breaks down, everything should go with it in a massive wave of panic liquidation. Watch 1708.
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