The Wednesday Update is below and it covers SPX, RUT, ES, Oil, USD, and Gold.
We did get the turn we expected in the indexes in the 1900 area as possible support as per the Monday Update. Marginal new highs possible from here but odds are that we see a turn and new lows.
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8 thoughts on “Wednesday Update – SPX, RUT, ES, Oil, Gold and USD”
I noticed you give the same number as upper resistance for SPX and /ES. I thought /ES price equivalent to SPX is usually 5 or 6 points lower. In other words, /ES 1967 is approximately equivalent SPX 2073. Is this correct?
Sorry, bad arithmetic. Should be “ES/ 1967 is approximately equivalent to SPX 1973?”
67’s was a fib on spx and was monthly pivot on ES – turn was held in by monthly pivot
I have a bad habit of doing my best editing after I hit send.
Stan…Re; your CL target of 42’s.. So far today we have had a + 4.5% move up to 48.50.. At what point is your target down & direction invalidated?
Stan/Jack ..Thanks for the feedback on CL.. I was short at a loss but stayed with it and then added to my short position near the day’s high..and sold all shorts at CL’s low of the day..Will stand aside and look to re short into the low 50’s
still expecting lower target in the high 42’s
Thanks for the update. Looks like your ES scenario is playing out…..down to 1938 at 9:30 PM EST.
I do wonder if we get a push back up after the jobs report comes out…..