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Mid Day Market Update 12/15/11

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.

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 12:58 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 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.

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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