The mid week update and appears we have healthy divergence and a turn in the indexes.
SPX – Cash market has tested the gap lower in futures on Sunday with a healthy divergence. Expecting a decision higher in the 2100-2105 area after a backtest.
RUT – Same pattern playing out – structure more clean and easier to see. 5 down structure with divergence calls for higher prices. Watch for a backtest in the 1233-35 area.
CL – Oil broke our support level and now has put in a divergence. We may see one more test lower to the 49.20 area before seeing higher prices. Also can proceed higher and break previous degree W4 and continue higher.
DX – Going to be a regular on the weekly updates – many futures are USD sensitive and the USD helps orient me to other turns in metals and commodities. USD currently in a triangle and likely a turn tomorrow lower into wave D.
Chat Chat for subscribers?Wednesday morniing?at 7:00am EST. Next video update Friday morning. Good luck to all.