SPX (cash) closed yesterday with a 2 day cycle projection of 1285. It blasted through that on the open, resulting in a new projection of 1295.50, which was about where the SPX stood as I typed this at 9:35 AM. A 5 day cycle resistance line was also indicated at that level with the next resistance level indicated at an 8 day cycle line at 1302.50. Support is suggested at 1289. The initial move here looks like the beginning of a 5 day cycle up phase.
Here’s the cash SPX chart as of 9:39 AM NY time.
The SP futures rallied through the night and pre market this morning, reaching the convergence of the first 2 and 5 day cycle inner channel lines at 1288 early this morning, and then pushing against those lines as they rose slightly to around 1289 a minute before NY opened. 2 day cycle momentum edged to the sell side at 9:00 AM NY time, but the 2 and 5 day cycle oscillators remained on the buy side. A pullback will be in order if the spoos can’t breach the 2 day cycle channel line which is now at 1291. Primary support would be the 2 day cycle centerline now at 1281.50 and slowly rising.
Here’s a look at the Spoos 30 minute bar chart as of 9:39 AM NY time.
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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