In Wednesday's post we noted: "Right now, there is heavy overhead resistance that has not been cleared since past Oct' 2018. Probability is high we clear it this time."
In Thursday's post we noted: "Both weekly and short term cycles are up trending and expecting higher prices tomorrow."
Today on Friday, S&P made a new interim high clearing the overhead resistance. Futures went as high as 2836 (from yesterday's close of 2812) finally closing at 2829. Cycles are what drive all markets and bring in the anticipated price movement - the key is to know about them ahead of time positioning one self on the right side be it for the longer duration (weeks, months, quarters) investing or for short term (hourly, daily) trading.
Down trending daily cycles continue to bring consolidation and weakness in US Dollar closing lower at 96.54 - yesterday's close was 96.74.
February's industrial production came marginally higher at 0.1% m/m - but manufacturing dropped by -0.4% m/m (-0.5% m/m in January). However, consumer sentiment came higher at 97.8.