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 remained beneath 7400.00 over the weekend, declining to a low at 7367.10. Critical support lies at 7300.00-7320.00. The 6-week uptrend may be broken beneath that level, offering a sell signal. SPX may have ended its Master Cycle on Friday at 7401.50, allowing a minimum 2-3 week reversal.
Today’s options chain shows Max Pain at 7360.00. Long gamma rises above 7370.00 while short gamma prevails beneath 7350.00.
The premarket VIX rose to 18.23 this morning, short of a buy signal above mid-Cycle resistance at 18.46. The Cycles Model shows strength rising over the next two weeks. Very possibly the neckline of teh Head & Shoulders formation may be attainable.