Tag Archive for Centerlines

2 Day Cycle Target of 1352-53 Hit On Open, Market Tries For More

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…

Market Going Nowhere Until It Breaks These Levels

SPX (cash) closed Friday on a weak note with 2, 5 and 8 day cycle oscillators all turning down, but with 2 and 5 day cycles both due for a cycle low imminently. The opening here is virtually unchanged from Friday’s close, with the indicators mixed and directionless. Support is indicated at about 1277, with…

Market Sitting On The Dime

At the close of the NY cash market yesterday, 2, 5, and 8 day cycle oscillators were on the sell side, but initial downside projections around 1265 were reached on an implied basis shortly after the close. However, if the SPX does not recover above 1267 in the early going, it looks vulnerable initially to…