SP futures (or ES electronic mini S&P) have been tanking since 3 PM (NY time) yesterday afternoon when it became apparent that the Greece deal was no deal and was going down. The Spoos broke the 2 and 5 day cycle centerlines around 6:30 PM and kept going through the night. As of this writing,…
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2 Day Cycle Target of 1352-53 Hit On Open, Market Tries For More
by Lee Adler • • 3 Comments
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…
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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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Market Opening Groundhog Day
by Lee Adler • • 2 Comments
S&P cash surged on the open following yesterday’s mid afternoon 2 day cycle buy signal. The 5 day cycle indicator has been on the buy side since the middle of the day Monday.The last 2 day cycle projection yesterday of 1316 is now in the rear view mirror. The new projection of 1322 is already…
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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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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 Completes False Upside Breakout
by Lee Adler • • 2 Comments
SPX (cash) opened weak, pulling the 2 day cycle to the sell side with a projection of 1308 in the initial moments which has been reached and slightly broken. As I completed this update, the projection looked to be around 1304.50. A 5 day cycle buy signal late yesterday has whipsawed from a weak position,…
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Bulls Poised For More Today
by Lee Adler • • 5 Comments
SPX (cash) had a late surge on Friday pushing the 2 day cycle projection to around 1317. 2 day cycle oscillators had been on the buy side since mid day. Resistance was indicated at the 5 day cycle centerline at 1315.50 and the 8 day cycle centerline at 1316.50. With a move above those levels,…
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Market Eating Sandwich
by Lee Adler • • 1 Comment
SPX (cash) opened weak. 2 day cycle oscillators had been on the sell side since mid day on Thursday. The weak opening left 5 day cycle indicators on the brink of sell signals. The market has already raced ahead of the initial downside projection for the 2 day cycle. A 5 hr cycle projection points…
