Uptrending weekly cycles limited the decline in the down hourly cycle for S&P finding support today at around EMA9 and reversed. S&P futures made a new interim high at 2866 finally closing at 2860. We continue to remain in buy mode until the weekly cycles peak.
For US Dollar Index, the buy signal noted in yesterday's post worked and US Dollar Index rallied to 96.11 finally closing at 95.84. We need to hold this level to uptrend further. Daily cycle is down but buy signal is still in the works.
On economic front, jobless claims were lower today at 221K. February leading indicators rose modestly at 0.2% - primarily due to rally in stock market and leading credit index, the factory activity was down pulling the indicator lower. Tomorrow we get PMI composite at 9:45 am and existing home sales at 10:00 am.