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6:30 AM ET
I don’t have the answer. The market seems a bit conflicted.
I would call the pattern and position of hourly 5 day cycle indicators modestly bearish here . However, there’s no 5 day cycle projection. A low on that cycle is ideally due today. A 2-3 day cycle projection of 3110 was hit with a low also due on that cycle now. If the ES clears 3135 in the pre-market, bulls still have the ball. Conversely, bears would take over below 3107.
UPDATE 9:00AM ET
The PPI release triggered a brief breakout, but now they’ve pulled back to trend. We’re hanging in the balance with mixed indicators. What’s clear is that 3133-36 is the fulcrum. Once it starts to move away from here, the next move should be to either 3150 if it’s up, or 3110 if it’s down.
UPDATE 11:30 AM ET
Resistance at 3155. 3 day cycle projection 3165. 5 day cycle indicators are bullish although there’s some doubt on momentum.
UPDATE 1:25 PM ET
2-3 day cycle projection inching toward 3175. Also looks like a new 5 day cycle projection.
UPDATE 3:45 PM ET
Coming into the close, the 3 day cycle projection is 3195. The 5 day is 3185. Have a great weekend. I’ll be posting reports at Liquiditytrader.com for subscribers over the weekend. Please drop by and give them a look!
