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Market Opening Groundhog Day

S&P cash surged on the open following yesterday’s mid afternoon 2 day cycle buy signal. The 5 day cycle indicator has been on the buy side since the middle of the day Monday.The last 2 day cycle projection yesterday of 1316 is now in the rear view mirror. The new projection of 1322 is already done. So is a 3 day cycle projection also of 1322. However, there’s still a 5 day cycle projection of 1328.

An 8 day cycle channel line at 1323 is projected resistance, as is a rising 5 day cycle line at 1326. Support is suggested at a 5 day cycle channel line at 1319 and an 8 day cycle channel line at 1316.

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) rally peaked at 4:30 AM NY time. It’s been walking sideways ever since, so the cash market was just catching up. The trend was already finished for 5 hours when NY opened. But the sideways move doesn’t indicate weakness. 2 and 5 day cycle indicators are still on the buy side. Resistance is indicated at a 2 day cycle channel line around 1320 and a 5 day cycle channel line at roughly 1324. Support is suggested at the converging 2 and 5 day cycle center lines at roughly 1311.

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.

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  1. Lee Adler

    2, 3 and 5 day cycle projections have risen to 1331-32. Rally was stopped at the 5 day cycle channel line mentioned above, and market has moved mostly sideways toward the next lines, which are fast rising, now at 1324.

  2. Lee Adler

    SPX made a nice double top versus last week, pulling back through the 5 day cycle line at 1330 and turning 2 day cycle oscillators to the sell side. Next support coming up at 1326. If that holds, they’ll take them up again, but if it breaks the correction may finally be here.

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