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Today’s Keys to Breakout from Rangebound Mush

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.

SPX Cash - click to enlarge

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.

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.

S&P Futures Intraday Chart- Click to enlarge

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