SP futures (or ES electronic mini S&P) traded flat through most of the night, then went into rally mode at 7 AM NY time, topping out on release of the weekly unemployment claims, which beat expectations. The futures have since been walking sideways, just above the converged 2 and 5 day cycle centerlines, which are…
Tag Archive for Centerline
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SPX Tentative Target Today, 1360 or Bust
by Lee Adler • • 2 Comments
The SP futures (or ES electronic mini S&P) have been drifting sideways since yesterday afternoon. Where have I heard that before? This is getting old. However, the trend continues to be ever so slightly to the upside, with the 5 day cycle oscillator staying pinned in positive territory for days on end. The 2 day…
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Bears Grab For Control of Tape
by Lee Adler • • 1 Comment
The SP futures (or ES electronic mini S&P) have been in a slow downward drift after making a double top coincident with the open of European trading, versus a pivot high earlier last night. The Spoos dropped below the 2 and 5 day cycle centerlines, both moving sideways at about 1339 and 1337 respectively, but…
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Weak Open But Bulls Still In Charge
by Lee Adler • • 1 Comment
SPX cash opened weak, falling through the 5 day cycle centerline at 1342, signialing the onset of a down phase in that cycle. The 8 day cycle centerline is at 1338. If that area breaks, the market could trend weaker for the better part of this week. If it holds, then the bulls will still…
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Market Indecisive In Early Going, So Where To Now?
by Lee Adler • • 0 Comments
Well this is different. The market opened slightly weak after the S&P futures had a tiny pullback in the pre market. The 2 day cycle oscillators on SPX cash had been on the sell side since mid day yesterday, and are now on the cusp of either continuing down from around the neutral zone, which…
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Another Rally From the Valley, Ho Ho Ho
by Lee Adler • • 4 Comments
SPX cash left us with a 2 day cycle projection of 1318 at yesterday’s close. Say bye bye to that. The new projection is 1328. A 3 day cycle projection points to 1326, and a new 5 day cycle projection resulting from this morning’s gap open points to 1329. Resistance is suggested at a 5…
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Bombs Away on the S&P
by Lee Adler • • 2 Comments
SPX cash hit the 8 day cycle centerline at 1320 late on Friday and immediately began to pull back. It had also hit a 2 day cycle projection of 1320. The 2 day cycle oscillator however did not get to the sell side by the close. They left that for this morning’s open after the…
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Nowhere To Go But Sideways
by Lee Adler • • 0 Comments
The blowoff ended yesterday morning and SPX cash has drifted down irregularly, hitting the last 2 day cycle projection of 1315 late yesterday. The 2 day cycle oscillator formed a trough at the end of the day, and has barely edged to the buy side in the opening minutes today. 5 day cycle indicators remain…
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Market All Revved Up With Places To Go
by Lee Adler • • 3 Comments
After hitting yesterday’s late 2 day cycle projection of 1327 the rally marched on this morning with SPX (cash) opening strong and the 2 day cycle projection edging up to 1330, which was hit on the opening surge. That’s also about where the 3 and 5 day cycle projections were pointing as of yesterday afternoon.…
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Waiting For Ben’s Dog and Pony Show
by Lee Adler • • 6 Comments
SPX (cash) opened weak in a repeat of yesterday’s action, again dropping back to a key trendline. 1310 is now the point at which SPX hits a rising trendline from the December peak that was broken to the upside on January 18. Dropping and holding below that would complete a false breakout, which would normally…
