The blowoff ended yesterday morning and SPX cash has drifted down irregularly, hitting the last 2 day cycle projection of 1315 late yesterday. The 2 day cycle oscillator formed a trough at the end of the day, and has barely edged to the buy side in the opening minutes today. 5 day cycle indicators remain on the sell side, and if this low doesn’t hold we could be looking at 1300 late in the day. Support is initially suggested at 1314, and 1308-09, with a big gap below that down to around 1299.
Here’s the cash SPX chart (time stamp in lower right corner).
The SP futures (or ES electronic mini S&P) sold off on the GDP announcement but held well above inner channel lines around 1304 before rebounding back to the 2 day cycle centerline at 1313 in the first 20 minutes of NY trading. The next resistance above that is the 5 day cycle centerline at 1317. There’s room for a little pop to 1325 above that. 2 day cycle indicators are mixed. The spoos could stay rangebound for a while between 1312 and 1304.
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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