Daily Update - 02/19/2019
On Monday due to President's day, there wasn't much activity in most of the markets we follow.
Early today, we saw the anticipated weakness in S&P and futures dropped to 2766 from the previous high of 2781. This weakness stopped right around the time when hourly cycle were bottoming. From the low, a new uptrend started taking futures to a new interim high of 2787 (a gain of 21 points) finally closing at 2778. With short-term hourly cycles in up mode now, we should see further gains in S&P tomorrow.
As noted in last Friday's post, the bearish candle close for US Dollar combined with hourly cycle going down led to further decline. US Dollar Index closed at 96.35 with 96.25 being the low for the day. Both Gold and Silver spiked higher with Gold closing at 1343 - a new interim high.
Readers of our last weekly post dated 02/17/2019 were pre-informed and might have already positioned themselves to take advantage of the above moves as projected by status of cycles.
Our long term cycle forecast for BTC/USD (Bitcoin) is doing very well so far. On monthly basis, it timed the low accurately in Dec' 2018. At that time BTC/USD was at 3220. Today, BTC/USD reached a high of 4081. If you are interested in a copy of this forecast then please email us using the contact form in the left panel.
On economic front, the housing market index came pretty positive at 62 primarily due to low mortgage rates. Not many market moving economic reports tomorrow.