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Market Eating Sandwich

SPX (cash) opened weak. 2 day cycle oscillators had been on the sell side since mid day on Thursday. The weak opening left 5 day cycle indicators on the brink of sell signals. The market has already raced ahead of the initial downside projection for the 2 day cycle. A 5 hr cycle projection points to an interim low of about 1305-06.

SPX is already below the 8 day cycle centerline, which is still rising sharply at 1309. That line should now be resistance. The first indicated support lines are an innder 5 day cycle channel line at 1306 and an inner 8 day cycle channel line at 1304. Things could get interesting if they don’t hold.

Here’s the cash SPX chart (time stamp in lower right corner).

SPX Cash - click to enlarge

The SP futures (or ES electronic mini S&P) have been flatlining since late last night. They are sandwiched between a slightly rising 5 day cycle centerline at approximately 1307, and a flat 2 day cycle centerline at 1309. It will be a very dull day if they don’t break one of those lines, but there’s room for a move to 1320 if they break to the upside, or to the first support at 1299 if they break down.

Here’s a look at the Spoos 30 minute bar chart (time stamp in upper right corner).

S&P Futures Intraday Chart- Click to enlarge

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.

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1 Comment

  1. Lee Adler

    2 day cycle may now be in an up phase, but it’s weak for sure. Projection is only 1314-15 so far. It’s bucking a 5 day cycle down phase. That’s due to bottom today as well. Maybe they’ll get it going in the last hour.

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