S&P Futures Update - 02/06/2019
Continued short term down cycles in S&P prevented any upside today and futures traded between 2737 (yesterday's high) to 2722 finally closing at 2728. Nothing unexpected. Short term cycles are still down and they bottom tomorrow. After they bottom, the next move up should allow S&P to clear the (50W, 200D) MA resistance. So far DJIA, SOX have cleared this level on a closing basis. Nasdaq has yet to test (but close) and Dow Transports (TRAN) are lagging behind. Tomorrow, jobless claim numbers released at 8:30 am, consumer credit at 3:00 pm, and Fed balance sheet, money supply at 4:30 pm.
S&P has not yet reached our intermediate upside price target for this swing move up from 12/24/2018. However, it is also not very far. Typically, month-to-month gains for February have been limited and a key medium term daily cycle will soon start peaking.