SPX (cash) just popped as it tries to get back to the 8 day cycle centerline at about 1282. That cycle appears toppy.The 5 day cycle indicator is weak. SPX traded down to the area of the rising 5 day cycle channel centerline, briefly broke below where it hit a 2 day cycle projection of 1274 and then began to recover at about 10:10 AM. The 1277 area was resistance but is now support. A drop back below 1275 would indicate that the 5 day cycle is probably starting a down phase early. For now, the move through 1277 means that they could run back to the 8 day cycle centerline at 1282.
The SP futures were oscillating around the 2 day cycle centerline at 1273 and the 5 day cycle centerline at 1270. They just popped through the 2 day cycle centerline. The 5 day cycle indicator remains in weak trending mode. 2 day cycle indicators have edged to the sell side. A drop below 1270 would open the way for a move to the 1262-1258 area. An extension of this pop looks like it has room to run to about 1283-84.
The charts are essentially rangebound. We won’t see a big move until cash breaks either 1275 or 1282, or the futures break below 1270 or above 1282.
Here’s a look at the Spoos 30 minute bar chart as of 10:53 AM NY time.
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