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Market Opens With Spurt To Resistance

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).

SPX Cash - click to enlarge

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).

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.

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  1. Lee Adler

    SPX hit 2 day cycle projection and 2 day cycle indicators have gradually slipped to the sell side as the index moves sideways to hit the rising 5 day cycle centerline now at 1313. A crossover should signal a 5 day cycle high.

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