Stock Market Top - Are We There Yet?
Stock-Markets / Stock Market 2017 May 25, 2017 - 03:22 PM GMT
Good Morning!
SPX futures are at new highs this morning. This appears to be Wave (v) of [v] of 5…the final push.
Potential targets are as follows:
Wave 5 equals Wave 1 at 2408.83.
Wave [v] equals Wave [i] at 2413.85.
The 2-hour Cycle Top is at 2411.05.
SPX has already achieved the first target, so it may be possible that it will go to one of the higher targets.
Time-wise, We are fast approaching the 17.2-year Cycle Pivot, which may occur at any time in the next two weeks. In addition, tomorrow appears to be a Trading Cycle pivot day and SPX will have consumed 60 hours in the current Cycle by mid-morning tomorrow. It may be an appropriate time for a Super Cycle Pivot High.
ZeroHedge reports, “It has been a session of violent, volatile gaps, starting with sharp gap up in S&P futures on Wednesday night, just around 10pm, which saw ES spike and rally to new all time highs on no news...
... which in turn helped generate a sea of green in Asian stock markets, with the Kospi rising after the Bank of Korea left rates on hold, while China's H shares surged 1.5% higher and the SHCOMP eventually closing up 1.4%; more interesting is that just an hour after the sudden jerk in S&P futures, there was a similar gap higher in both the on and offshore Chinese Yuan, with the CNY surging 0.25% within a 5-minute span...
VIX futures have been spiking up and down in the overnight session. There’s no telling how it may open, as it is currently back to its 9-handle.
TNX is down, suggesting treasuries are well-bid this morning.
USD futures are higher. It is also due for a possible inverted Trading Cycle high on Friday or early next week. As mentioned earlier, the Head & Shoulders neckline is a probable target for the bounce.
Crude Oil futures are starting to come down, hitting a low of 50.09 this morning. We may see a new Master Cycle low in the next two weeks.
Regards,
Tony
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