SPX (cash) had a late surge on Friday pushing the 2 day cycle projection to around 1317. 2 day cycle oscillators had been on the buy side since mid day. Resistance was indicated at the 5 day cycle centerline at 1315.50 and the 8 day cycle centerline at 1316.50. With a move above those levels, they would become support, but with the slight weakness here in the opening moments they remain resistance. If they pop here, the next resistance area would be at the next 8 day cycle channel line at 1322.
The 5 day cycle is due for an up phase, but 5 day cycle indicators have yet to confirm. They are on the cusp of buy signals.
Here’s the cash SPX chart (time stamp in lower right corner).
The SP futures (or ES electronic mini S&P) popped through the converged and flat 2 and 5 day cycle centerlines at 1305 at 5:30 NY time this morning, hitting a high around 1314 about an hour later, and since settling back to around 1311 where they continue to hover above the 2 and 5 day cycle centerlines now around 1308. 2 of the 3 2-day cycle indicators remain on the buy side, while the fastest one has edged to a sell signal. That doesn’t mean much yet. The spoos would have to drop below those cycle centerlines to confirm a down phase.
Resistance on the futures is indicated at an inner 2 day cycle channel line at 1319 and a 5 day cycle channel line at 1321.
Here’s a look at the Spoos 30 minute bar chart (time stamp in upper right corner).
You can follow my real time intraday cycle updates with cycle price targets during the day at The Stool Pigeons Wire at Capitalstool.com.
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