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Quelle Surprise! Not.

And they’re off! Anyone following the Wall Street Examiner Professional Edition Treasury updates showing the massive surge in Federal withholding taxes in January would not have been surprised by today’s jobs report, but most other traders apparently were, as the SPX vaults a dozen points on opening, following a similar surge in the futures at 8:30 when the jobs data was released.

As a result of this move the 2 day cycle projection is now around 1345. The 5 day cycle projection is 1351, but first things first, let’s see if they hit the 2 day cycle target. Channel resistance shows up right here at 1338, and then 1341. They would become support if cleared. On the slight chance that the rally stalls here and gives the finger, the first support would be at the 5 day cycle center line now at 1331.

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) broke out at 8:30 AM NY time after trading in a narrow range since yesterday after the NY close. Europe gave it a slight bump, but that then fizzled until the payrolls data release. 2 and 5 day day cycle indicators, which had been neutral and borderline, surged in reaction to the news noise. The pop stopped dead at the convergence of 2 and 5 day cycle lines at 1333-34. There’s clearance above that to the next line of probable resistance at 1334. If they stall here, support is all the way down at the converged 2 and 5 day cycle center lines at 1332-33.

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.

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.

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