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).
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).
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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