Today’s video update we focus on SPX, RUT, Oil, USD and Platinum.
SPX – Overhead resistance starts at 2083 (the monthly pivot) and continues to the daily middle band at 2088. Structure appears to be a flat which calls for a back test and higher prices before a reversal. Watch tomorrow for a test of support around 2070-2065 then higher to as much as 2094-2098. Resistance seen in that zone opens lower prices.
RUT – Similar structure calls for a flat to 1264 to the monthly pivot. Resistance there opens lower prices.
DX – We found support as mentioned last week at the monthly pivot but the move is very corrective in nature so expect wave D to unfold to 94.50
CL – Oil appears to be near a significant turn. A marginal new low and divergence will signal a turn – 49.40ish area.
PL – Platinum is near a significant turn. A marginal new low with divergence is needed. Any break of divergence, stand aside. Likely we see the turn this week. For a lower risk entry, wait for a higher low.
SPX UPDATE – Monday 2:00pm EST