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Market Blasts Off But Immediately Hits Cycle Projection

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.

SPX Cash - click to enlarge

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.

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.

S&P Futures Intraday Chart- Click to enlarge

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.

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