Yesterday we mentioned:
"Quantitatively, short term cycle has almost bottomed (creating oversold condition in hourly, four hourly charts) but it is possible to see some more immediate spillover creating divergence in technical indicators before reversal."
Today, S&P did precisely the above. Futures made a slightly lower low at 2681 (yesterday's low was 2686) with a RSI and MACD divergence in hourly chart and reversed higher since hourly cycles were up, finally closing green at 2708 with a gain of 27 points from the lows. We are anticipating some more gains in the early part of next week due to up-trending hourly cycle.
If you are interested to use our recurring hourly cycle charts for predicting and timing trades then please feel free to reach out to us using the contact form in the left panel. These are available ahead of time before the beginning of every week covering cycle movements by the hour for 1-2 weeks. We have referenced them in prior posts such as this link, link2.
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| S&P Hourly - 02/08/2019 |