Daily Update - 03/20/2019
S&P hourly cycles continue to be down and bring weakness - futures closed lower today at 2823 compared to yesterday's close of 2838. S&P is oversold on hourly charts, however, short term cycles have not bottomed yet.
Downtrending daily cycle on US Dollar Index continue to do its work. US Dollar futures declined significantly to 95.18 finally closing at 95.45. There is some more time left before this cycle bottoms. However, daily chart is oversold and there is divergence on the hourly charts with a buy signal on our indicators as long as we can hold above 95.45.
Tomorrow, we get jobless claims at 8:30 am and leading indicators at 10:00 am.