Tomorrow we have the 22TD cycle and 5.6TD cycle up while we have the 11.2TD cycle and 2.8TD cycle down. The 34TD cycle being up breaks the tie. So tomorrow continues trading in a fairly narrow range with and upside bias. 1220 appears to be resistance so I would not be surprised if we test that level again over the next 2-3 days. The charts are starting to appear as if we get a rolling top with two peaks around 1220 and the 22TD cycle tops 10-19 just as the shorter cycles bottom (so any upside potential is small).
Here is the SPX swing cycles:
I took a 1/2 position in SDS December calls yesterday.
ReplyDeletePhil Davis believes the market is overbought and needs to come down before a more powerful bull run could occur.
The futures are green so far, but the Keystone Speculator seems suspious that the market could sell off too.
Guess we will find out soon enough.