The levels have changed since my last post on Tuesday, but as they say, “Patterns is patterns and cycles is cycles.” At the end of the year throw in a little window dressing to spice things up, and maybe a little red pepper with a half trillion Euro money pumping operation by the ECB.
As for today’s intraday and very short term cycles, a 2 day cycle projection on SPX ($SPX) cash points to a high of 1252, and voila, we’re just about there. However, before we all start shorting and buying puts like mad, there are 3-5 day cycle projections pointing toward 1255-56. A 5 day cycle oscillator has edged to the sell side, but there are no negative divergences in 1 and 2 day cycle oscillators. Key cycle support lines are now 1247-48. If they break, then we may have the beginnings of a top. Otherwise, higher highs are likely. Here’s how the cash looks at 10 AM NY time.
Short term cycle indicators on the Spoos (SP) futures or SP minis (ES) have been on the cusp of sell signals for the past couple of hours, but so far, there’s been no break. The converged 2 and 5 day cycle centerlines now around 1238 and rising are the key support lines. If the futures drop below that level, then the up phase should be finished. 1247-49 looks like key resistance. If they break through that, the market could blast upward by another 8-12 points.
Here’s a look at the Spoos 30 minute bar chart as of 10:01 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 Wall Street Examiner terms of use.
You can follow my real time intraday cycle updates with cycle price targets during the day at The Stool Pigeons Wire at Capitalstool.com.
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.
