Our weekly cycle model was targeting the low of the medium term down trending move to be during the week of 03/11/2019 as shown in the below weekly cycle chart made available to numerous clients early in the year for past couple of years.
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| S&P Weekly Cycle Chart - 03/08/2019 |
For tomorrow, the very short term hourly cycles indicate early gains followed by weakness.
The heavy overhead resistance in US Dollar is quite significant. Not enough time left in this daily cycle to crack it through. However, there is still some more time left till mid-week to re-test the daily cycle highs as long as there is no close below 96.85.
On economic front, January retail sales came at 0.2% m/m - however excluding autos it was very strong 0.9% m/m. December inventories rose 0.6% m/m. Tomorrow, we get CPI data at 8:30 am.