Menu Close

Up Up and Away

SPX (cash) opened with a massive gap that resulted in a 2 day cycle projection of 1303-07. The gap down triggered sell signals on 2 and 5 day cycle oscillators. Resistance is suggested at an 8 day cycle inner channel line at 1305. If that’s cleared, the next one is at 1314. Support is indicated at 1301and 1297. 2, 5, and 8 day cycle oscillators are on the buy side. The 2 and 5 day cycle indicators had triggered buy signals on Friday afternoon.

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) have been weakening since peaking at 5 AM NY time. The Spoos have now dropped to the 2 day cycle centerline at about 1295, where there should be support. 2 day cycle indicators are on the sell side, but the market can continue to trend upward as long as the price holds above the 2 day cycle centerline.

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.

You can follow my real time intraday cycle updates with cycle price targets during the day at The Stool Pigeons Wire at Capitalstool.com.

The daily cycle charts are updated in the Wall Street Professional Edition market update every day. Get daily updates on the 4 week, 6-7 week, 13 week, and 6 month cycle projections along with regression channel and equal width channel support and resistance chart updates daily in the Wall Street Examiner Professional Edition Daily Market Update. Try the Professional Edition risk free for thirty days. If, within that time, you don’t find the information useful, I will give you a full refund. It’s that simple. Click here to become a member and get instant access to the current report and all past reports.

1 Comment

  1. Lee Adler

    SP futures have been trading below the 2 day cycle centerline all morning with 2 day cycle indicators staying on sell side and 5 day cycle centerline rising, now at about 1290.50. Cash spx 2 day cycle indicators edge to sell side as SPX drops to next 8 day cycle inner channel line at 1297. What happens next depends on whether these support levels hold. If they don’t could be the dawn of correction.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

RSS
Follow by Email
LinkedIn
Share