The typical Daily Update includes charts and forecasts for the S&P 500, Dollar Index, Euro futures, 30-year bond futures, crude oil futures, and gold futures.
The S&P 500 spent all day in a consolidation yesterday closing just above support. That means we should still expect a new high in SPX before this pattern completes.
It started a little rocky right at the open but the S&P 500 got it back together and ran up to and a bit beyond the expected targets for the day. Today, might have a minor consolidation but overall have a bullish bias to test 2814 and perhaps 2826 early next week.
The S&P 500 stayed on plan yesterday as it ran up to 2808 early yesterday and fell apart. The problem is that the drop only appears to be a three wave decline thus far, and thereby prone to a deep retrace if not a new high. Will see if there is any interest in a lower high around 2793 or 2798 today.
The S&P continues to push ahead in what to my way of thinking is in accordance with a third wave move. Prices have moved up to the next harmonic of the Schiff Channel on the weekly chart.
Today is a holiday in the US and will only have a half day of trade which should be muted.
The little spurt up in the last hour likely means that the S&P 500 will see 2771 today if not 2780. Crude is lower this morning and may be in the early phases of a sizeable correction.
An attempt was made yesterday to get a correction started in the S&P 500 but was unable to continue lower by mid morning making at least a deep bounce up if not new high possible. There is still a chance for bears to take back the ball but they will have to strike early today or cede a new high to bulls.
he news that China may slow down or halt buying US treasuries has added a bit of volatility overnight. Bonds are pressing down as had been expected. Gold pushed up to test overhead resist which is also not a big surprise. Euro bounced but think it should form a lower high to that of January 4th. In the S&P 500 today, will have a gap down and reasonable to have an initial attempt early to try to back fill the gap but hope to see it fail and drift lower later in the day.
The S&P 500 had a mild correction right at the start of the day yesterday then proceeded to creep up the rest of the day. The advance from the end of the year should be nearing completion, and that high is a candidate to mark the end of a larger fractal. First step is to have price slip back 2742 SPX.
The S&P 500 futures spiked up on the Sunday evening open and have been drifting lower during the European morning. This may cause a small gap down in the cash open but expect it be filled before an attempt is made to push lower.