SPX (cash) finished the day on Wednesday with the market trending toward a 5 day cycle projection of 1311. Meanwhile the futures tacked on another 7 points from their 4 PM NY close. An 8 day cycle channel line on SPX comes in at 1311, with a 5 day cycle centerline at 1305 as the likely resistances and support lines in the early going. The opening surge resulted in new 2 and 5 day cycle projections of approximately 1313. The next 5 day cycle channel line is at 1316.
Here’s the cash SPX chart (time stamp in lower right corner).
The SP futures (or ES electronic mini S&P) rallied from around 5 AM NY time until around 8:30, after hitting and holding at the 2 day cycle centerline at 1300. That line has risen to around 1303, which should be support. 2 and 5 day cycle indicators are in trending mode, but the futures are now pulling back toward support. The next resistance area is indicated around a 5 day cycle inner channel line near 1311. That would correspond with the 5 day cycle centerline on SPX around 1306.
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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