Wednesday Night Update

Below is your Wednesday night update covering SPX and ES short and long term with cycle charts, Oil, USD, and Gold.

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SPX – Needs to test the floor being put in by the bulls near the monthly pivot. If ES 82’s are support support tomorrow expect higher prices. If we break that area we open ES 68’s. The turn today was posted in the comment section as a flat 04-07’s – is explained in the video. Run up this morning was not a bullish move, more short covering and hedging in a thin market during globex. Need to see support at 82’s again and a higher impulse.

DX – Has hit invalidation – appears we are going to hold price higher here into a possible triangle then higher prices. Short term tomorrow we should drop into the monthly pivot first to test support. Should cause metals and oil to go higher.

CL – Hit our target level – very weak retracement to 100% fib and we headed lower today. Watch for a flat which calls for a 5 up from where we are now. Sell this rally if seen. Lower prices coming into the 30’s.

GC – Still expecting the levels covered earlier in the week, higher prices to end the retracement then lower prices in metals to 1028’s.

Good luck the rest of this week. 🙂

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17 thoughts on “Wednesday Night Update”

  1. Stan, thanks so much for the update last night. I assume since we have not seen RUT break 1245 and use that become support, you’re still looking for a retrace to 1170. Is that correct?

    1. watch the monthly s1 – 1201-1203 for support and a decision there first then 1170 will open on a break
      ES watch for 83’s for support and on a break then 73’s
      road map for today 🙂

  2. Hi Stan; As far as I am concerned monthly pivot of SPX on hourly chart is 2,093.56 and on daily chart it is 2,095.85. Shouldn’ t they be the same or does it change regarding the timeframe of the chart? TIA

  3. Either we hold at current SPX levels and have a strong bounce (thru tomorrow), or it looks as though we will see 2060’s or 2040’s sooner than later. Volatility increasing, VIX can go much higher. Tomorrow, with the July Jobs report, should provide the answers.

  4. Road may for tomorrow similar to what we discussed on the monday update for the S&P’s – watch the monthly pivot for clues – if resistnace, lower prices in store to 2039 – update coming later tonight

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