SPX Futures Are Higher, But No Breakout
Stock-Markets / Stock Market 2017 Sep 11, 2017 - 04:29 PM GMT
SPX futures rose to 2475.00 in overnight trading, giving rise to Wave (c) of a Wave [ii] correction. Last week’s inability to close beneath the mid-Cycle support/resistance gave us a hint of what was to come. The futures Wave structure suggests that the retracement may be over, or nearly so.
ZeroHedge remarks, “And we're back at all time highs.
With traders paring back risk positions on Friday ahead of a weekend full of potential risk events, Monday has seen a global "risk-on" session in which global stocks rose back to record highs and US futures jumped, the dollar gained, Treasuries retreated, while VIX and dollar slumped as appetite for risk returned to global markets after North Korean failed to conduct an anticipated missile test failed to materialize and Hurricane Irma appears to have struck the U.S. with less force than feared. The MSCI All-Country World Index increased 0.3% to the highest on record with the largest climb in more than a week, while that "other" trade also outperformed, as the MSCI Emerging Market Index increased 0.4% to the highest in about three years. Safe havens such as the yen and Swiss franc all also fell.”
NDX futures also ramped up to 5971.62, short of last week’s high. It has the potential of matching last week’s high of 5980.15 in a Flat correction.
TNX appears to have completed a complex Wave 1 and a possible Master Cycle low last Friday. The low comes about 2 weeks early, so I wansn’t anticipating it. It is also possible that the decline may accelerate over the next two weeks to finish much lower on time.
The USD futures are challenging the Cycle Bottom resistance at 91.71. That suggests a short-term bounce may be in order that could challenge the 50-day Moving Average at 93.70.
Gold futures are sinking, but not far enough for a sell signal. Thus far we see a low of 1336.14 which has not crossed the Cycle Top support at 1329.25.
Regards,
Tony
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