A couple of the S&P futures guys in Europe got a little nosebleed as the ES futures approached 4500 overnight. Late yesterday, I observed that megaphones were back in style on the charts, and that 4500 was a given. Earlier I updated the 5 day cycle…
This Friday’s screens had 27 buy signals and 3 sell signals. This indicates no thrust for the market as a whole. But it shows even…
The S&P futures (ES) didn’t make it to the 5 day cycle projection of 4472 before starting a little pullback this morning. The 4450 area is a potential sport level. If it doesn’t hold, then…
A 10-12 month cycle high is now ideally due within xxxxxxxx (in subscriber report), with a final projection of 4440 and a 13 week cycle high is ideally due on xxxxx, this week.
Primary dealers have offset their losses of last August through February in the recent rally, and they have reduced their net long exposure somewhat since their highest levels of a year ago.
Yesterday at one point the 5 day cycle projection was 4420. Nailed it. Then the projection got to 4440. That was probably my brown sunglasses talking. 4420 turned out to be it.
Now what?
The ES futures (S&P500) broke support at 2 AM NY time. As of 6 AM they in the midst of at least a back kiss of the breakdown level of 4373. How things evolve from here over the next few hours will tell us whether a short term low is in place.
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We’ve been here before. Hard to say where this is going, although in view of the Four Laws of Markodynamics, I have to give the benefit of the doubt to the upside. Key numbers are …
It’s too soon to tell if this is repair or consolidation, but the risks are high, and the downside targets remain in place for now.…
There’s been a little more volatility in the last couple of days, but the market has been unyielding in maintaining the trend angle that it began from, two weeks ago. I can’t predict when it will deviate from that. Until then, we just watch and play sp…