Well this is different. The market opened slightly weak after the S&P futures had a tiny pullback in the pre market. The 2 day cycle oscillators on SPX cash had been on the sell side since mid day yesterday, and are now on the cusp of either continuing down from around the neutral zone, which would signal some real selling, or turning up here. 5 day cycle indicators have just barely edged to the sell side, after being on the buy side since mid day Monday.
I see no reason for bears to get excited here yet. A 2 day cycle projection of 1324 was already hit. The first suggested resistance level is the 5 day cycle centerline at 1328, just 2 points overhead. If they get through that, the next resistance line is indicated around 1329 and rising, and then it would be clear sailing up to 1338-39. If the bears hold the line here, the first support line would come in around 1321.
Here’s the cash SPX chart (time stamp in lower right corner).
The SP futures (or ES electronic mini S&P) have been trading in a narrow range since yesterday after the NY close. 2 day cycle indicators just edged to the buy side in the last 30 minutes. They’re at the 2 day cycle centerline at 1322.50 now. The next resistance line is a 5 day cycle inner channel line now at 1330 and rising. That should be the target if they pop here. If they don’t, support is suggested at the 5 day cycle centerline, rising and approaching 1319, and below that at a 2 day cycle inner channel line near 1310. That would be the likely target if these buy signals whipsaw here in the next hour or so.
Here’s a look at the Spoos 30 minute bar chart (time stamp in upper right corner).
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