The easy ~390 points from the lows on 12/24/2018 have been made. Timing the next phase is going to be tricky and hopefully cycles will help us remain on the right side. There is overhead resistance at 2732 (50W MA), 2742 (200D MA), 2755 pivot resistance. When the 200D and 50D MA crossover occurs on the down side, it takes quite a bit of time to get back to a longer term uptrend back again. Tomorrow is full of economic news - PMI manufacturing index at 9:45 and at 10:00 we get ISM manufacturing index, construction spending, consumer sentiment, wholesale trade. Still anticipating the uptrend to hold going into 02/04/2019.
Gold today reached our short term price target of 1329 (reaching 1330).
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| Weekly S&P 500 Futures - 01/31/2019 |
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| Daily S&P 500 Futures - 01/31/2019 |