The Lord’s Prayer
Our Father, who art in heaven, hallowed be thy name. Thy Kingdom come, Thy Will be done, on earth as it is in heaven. Give us this day our daily bread and forgive us our trespasses, as we forgive those who trespass against us. And lead us not into temptation, but deliver us from evil. Amen.
7:15 am
Good Morning!
I am beginning on therapy for cancer this morning, so I only have a short window to communicate my thoughts on the markets.
SPX futures have risen to a weekend high at 6203.40 in an inversion Cycle. This has changed the near-term outlook on the SPX, but allows the Cycle to turn bearish henceforth. Today’s range for the Cycle top may be 6200.00 to 6239.00 as a possible upper limit. Prior to my departure two weeks ago I had mentioned that the Cycles Model had offered no directionality for the past week. However, this weekend was to mark an uptick in volatility. This last burst of energy may easily turn into a reversal, as there are fractal limitations that may cut the rally short. Today may be a test of those limitations.
The 30 Industrials made a weekend high of 44125.00 thus far, short of the all-time high made in December at 45073.00. This more closely fits the Cycles Model. The inversion has occurred in all indices, suggesting a uniformity of pattern.
9:26 am
VIX futures rose to a morning high at 17.20. Note that the low of 16.11 occurred on Thursday, anticipating a possible reversal in the SPX.