Today?s video update we focus on SPX, RUT, Oil, USD and Gold.
SPX – Watch for a pullback and support tomorrow either at the middle bollinger band around 89’s or lower at the monthly pivot. If support is found, we should see the 2120-22 area. If support is not found and we break the monthly pivot, we open a double bottom test and potentially lower lows. Keep a two sided mindset in this market, price has been in a big squeeze higher as the short bus was full. Today was an NR7 day – the narrowest range day of the last 7 trading days. Tomorrow watch for an expansion. See the longer term SPX video with the cycle chart for more background.
RUT – We have broken above the monthly pivot and the middle bollinger band – watch for support tomorrow at the monthly. If we break the monthly we open more downside.
CL – Still in a bottoming process, still expecting to see 49’s. We should see downward movement tomorrow after legg C finishes.
DX – Downward movement expected tomorrow directly for? wave D to 94.50ish – if we delay and break the highs of wave A – triangle invalidates and wave 4 is in at the last swing low.
GC – Expecting lower prices down to 2092 eventually in a month or so. But gold is finishing the current decline by the end of this week. Watch 1136 and then a decent bounce in store back to the monthly pivot.
Hump day tomorrow, cycles also calling for trend days Thursday and Friday – Good Luck. 🙂