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Why did London/Frankfurt decide to go up at around 5:30 this morning NY time and why did the US cash open decide the only thing to do about opening at a decent level above 2400 was to sell down? Inquiring minds want to know
I ask because in the old days of a couple of months ago this would have been a second gap and go open like yesterday. The economic news isn't much different and the political news hasn't changed much. Instead of oil rumors to drive it Goldman today has gone with the Fed won't actually increase rates, so maybe that rumor is only good for the bond market that I don't follow.
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morning pullback as usual, now let's see if bulls as usual spend the rest of the day up and up.
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The NYMO cycle is down.
It ticked above zero yesterday in what may have been a corrective bounce and is under the zero line intraday today.
The benchmark price at the last cycle high is SPX 2392.48. Looking to see trade below that at the cycle low.
The price move yesterday and this morning was just enough to run stops above prior highs in the ES contract.
Bulls need to step up to render the move something more than a stop run.
It is OPEX week. So, bias is bullish. Note that VIX contract expiration is tomorrow morning.
It is notable that volume diminished into the highs.
I have no up targets and a big stack of possible down targets, which after many weeks you are probably tired of hearing about.
I remain short the R2K, which has gone nowhere.
I have had some short setups in the S&P tee up but not trigger.
That could change in the days ahead if price action starts to sync with the NYMO cycle.
uempel wrote:I've been using this chart since last year's elections. I'm not sure what will last longer: this chart or number 45 ...
Both the public wave counters I follow have similarly old charts. Both see the possibility of one more top to complete this wave three that started with the election. Makes sense that four down would be a summer sell off.