SP futures may be forming a 2 day cycle top. The indicators for that cycle are on the cusp of sell signals, although a second wind cannot be ruled out until the actually turn down. The key level looks like 1209, which is where the 2 day cycle centerline currently is. If that breaks, the next support would be the convergence of inner 2 and 5 day cycle lines at 1200. If the centerline holds, then a weak 5 day cycle up phase could hold on for a day or so. The first resistance line is indicated at 1219-20. However, my current assumption is that the 5 day cycle is trending lower, rather than cycling, and that the up phase, which is trying to get under way, won’t amount to squat.
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Gold has been smashed by non cyclical drivers, yesterday having blown out of the channels that normally contain it. It has been in a very weak 2 day cycle up phase that has only gone sideways. Its 2 day cycle oscillators have slipped to the sell side over the last hour. Initial support lines are indicated at 1570, and 1557-58.Gold would need to get through 1583 to get anything going on the upside.
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