Daily Update - 02/12/2019
Yesterday we noted: "Hourly cycles are still up-trending and should help S&P to eke out some gains tomorrow." S&P futures opened at 2708 and pretty much went straight up to close at 2745 (above 50W, 200D MA) for a gain of 37 points. Being on the right side as supported by cycles is key to improving trading results. If you would like to subscribe to our hourly cycle charts made available before the beginning of the week then please contact us via the form in the left panel.
While S&P hourly, four hourly, and daily are quite over-bought, the weekly technicals are still going strong. Our expected S&P price target of 2809 for this up move is still not reached. However, cycles are now indicating limited upside for next couple of days and a higher probability for weakness to start. Not sure what is going to be the catalyst for this. It would be interesting to see if S&P first reaches our price target or starts reversing after a small push up early tomorrow.
US Dollar Index closed lower at 96.53, Gold +2.