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).
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).
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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