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
8:00 am
Good Morning!
SPX futures rose to a weekend high at 6869.00 thus far. A week of massive short selling turned into a vicious squeeze on Friday. It may attempt to test the 52-day Moving Average and trendline at 6892.00 yet this morning. Should it fail to overcome resistance, the squeeze may turn into a rout. Critical support lies at the head & Shoulders neckline at 6775.00. Should it break down beneath that level, the formation becomes activates with the consequences shown o the chart. The Cycles Model allows until the end of March for the downside follow-through. The market is closed for President’s day today
Premarket VIX is consolidating between 20.36 and 20.86, poised beneath the trendline and Cycle Top resistance at 21.60. An imminent breakout is possible.
Bitcoin is open for business today. It has been testing the Cycle Bottom resistance at 70046.00 this morning. Should it hold, the minimum decline may be near 63000.00. There is an outside probability of a decline beneath 60100.00. The consequences of a deeper low would limit the upside possibilities.