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Market Going Nowhere Until It Breaks These Levels

SPX (cash) closed Friday on a weak note with 2, 5 and 8 day cycle oscillators all turning down, but with 2 and 5 day cycles both due for a cycle low imminently. The opening here is virtually unchanged from Friday’s close, with the indicators mixed and directionless. Support is indicated at about 1277, with a 5 point air pocket below to the next support area. Resistance is indicated first at the 5 day cycle centerline at 1280, then the 8 day cycle centerline at 1282. The market isn’t going anywhere if it doesn’t break those levels.

Here’s the cash SPX chart as of 9:37 AM NY time.

SPX Cash - click to enlarge

The SP futures have drifted higher this morning after a small selloff on the opening Sunday night. They continue to be locked in a narrow range, oscillationg around the converged 2 and 5 day cycle centerlines moving due west at a heading of 1273. The first indicated resistance overhead is the inner 2 day cycle line at 1282, followed immediately by the 5 day cycle inner channel line at 1285. To the downside, support is suggested first at the aforementioned centerlines at about 1273, and then at first the 2 day cycle inner channel line at about 1262. Oscillator patterns are mixed, giving little hint that this narrow trading range is about to result in a breakout, which probably means that an explosive move will commence the second I post this.

Here’s a look at the Spoos 30 minute bar chart as of 9:37 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.

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