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. 🙂