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2 Day Cycle Target of 1352-53 Hit On Open, Market Tries For More

SP futures (or ES electronic mini S&P) traded flat through most of the night, then went into rally mode at 7 AM NY time, topping out on release of the weekly unemployment claims, which beat expectations. The futures have since been walking sideways, just above the converged 2 and 5 day cycle centerlines, which are also walking sideways at approximately 1346. That level should be support. The next support level would be around 1335. Resistance is around 1357. 2 day cycle indicators are on the buy side, but at risk of edging to the sell side if the pullback in NY’s opening minutes is not arrested.

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 represent the nominal 5 day cycle. Red lines represent the nominal 2 day cycle. The first oscillator represents the 5 day cycles. The 3 lower oscillators 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.

SPX cash opened with little movement, seemingly hemmed in at the 8-13 day cycle centerline at 1351 with the 5 day cycle centerline coming up at 1349. They could mark a congestion area, but would be come either support or resistance, depending if whether the market moved above or below them. They are essentially moving sideways with a slight uptilt, so this could be shaping up as another dull rangebound day. A 2 day cycle projection of 1352-53 was hit on the opening pop. If they can get past that, then there’s room to run to the next indicated resistance area around 1356-57.

Here’s the cash SPX chart (time stamp in lower right corner).

SPX Cash - click to enlarge

On this chart the yellow lines correspond with a nominal 8-13 day cycle. The cyan lines correspond with the 5 day cycle. The lower oscillators correspond with a nominal 2 day cycle (light blue) and a nominal 5 hr- 1 day cycle (red).

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.

Day Trading Department

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