I indicated yesterday I thought today would be flat to moderately higher. I guess it depends on which index you look at - DOW was moderately up, S&P flat, NAZ down. In total I think we would have to say flat. Today we touched the 1259 FIB. This well could be the low for now, and we could see a 2-3 day move up. I would not be surprised to see the market move to 1294 and possibly higher over the next 2-3 days. On the other hand with the longer cycles down (and the 1 year down hard) I won't be surprised if we don't. In summary we should see 2-3 green days, but moderate up movement. Tomorrow winds up OPEX so it might be a bit unstable (up and down).
The 22TD, 11.2TD, 5.6TD cycles should be up tomorrow. The 2.8TD cycle is up a part of the day and should top by the afternoon. The longer 20 week cycle is down but not at maximum momentum. The 1 year cycle is down and at maximum momentum. Over all this should lead to an up day tomorrow. I would expect maybe a 10 point gain on the S&P to near the 1279 FIB. It could be a close call as to whether we are up/down for the week.
Here is the SPY:
GL traders. Do your own analysis. The bear is not gone, just taking a few days off.
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