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Market Morning Update 12/9/11

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.

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 9:55 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.

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 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.

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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