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Nowhere To Go But Sideways

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).

SPX Cash - click to enlarge

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).

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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