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
8:15 am
Good Morning!
SPX futures rose to a morning hihg at 7739.50 before easing back. It is now on a buy signal, above the 52-day Moving Average at 7699.64. While there may be a pullback, it appears to be short, as Trending Strength may ignite by the weekend. A market shakeout may be about to take place as entrenched shorts are ejected from their positions.
ZeroHedge reports, “US futures are higher, if only in Nasdaq terms, as a memory-chip frenzy sparked by SK Hynix’s blowout results revives the AI trade ahead of today’s Fed decision and tonight’s Alphabet and Microsoft earnings…”
The premarket VIX has declined to 17.43 thus far. It is beneath the mid-Cycle suport/resistance at 18.35 in a decline that has become more complex as the extension of the decline may form a Triangle tail. The trend may be “down” through the nesst month in what appears to be a “disconnect” from market perceptions..
The US 10-year Bond Yield futures briefly rose to 50.26 this morning before settling down beneath 50.00 at the open. While analysts call the prospect of a rate hike “unfathomable,” the Cycles Model infers that a breakout may be imminent. Should that be the case, the Head & Shoulders formation may be activated, allowing the uptrend to resume until mid-December.
US Dollar is hovering beneath its Cycle Top at 102.44. While resistance may hold temporarily, The Cycles Model indicates a potential increase of Trending Strength by the weekend. This may propel the rising trend to the end of November.
The Euro declined to the neckline of its new Head & Shoulders formation and bounced this morning. It may consolidate above the neckline until the weekend, when Trending (downside) Strength pulls it under. The Cycles Model infers a possible strong decline through the end of November.
Crude Oil is consolidating beneath the neckline of a Head & Shoulders formation. Trending Strength may be building for a breakout by the weekend. The Cycles Model allows aproximately three more weeks of rally.
Spot gold is hovering above its Friday low. While there may be a diminishing possibility of another lower probe, there is an imminent and rising probability of a burst in Trending (upside) Strength. A buy signal may be obtaines above Intermediate resistance at 4180.19. Should that be activated, the new trend may continue to mid-December.
The Agriculture Index continues its belated Master Cycle probe toward the mid-Cycle support at 383.90. Whether it probes lower today or not, there may be a sudden reversal, as Trending (upside) Strength may be imminent.
The Epoch Times observes, “This past weekend, I was sitting at the Weston A. Price Foundation’s Wise Traditions Conference when Rep. Thomas Massie (R-Ky.) took the stage. Before he could say a word, the audience rose to its feet in a standing ovation.
During his speech, he mentioned legislation he had introduced that would allow small American farmers to slaughter and process their own livestock and sell that meat directly to consumers without mandatory federal inspection.”
Bitcoin continues to consolidate above its Master Cycle low at 79212.00. There may be a buy signal above the 52-day Moving Average at 81768.00. There is additional confirmation above the trendline at 82200.00. There may be a flash of strength today (FOMC day) that could send BTC above resistance. The new Master Cycle may last to mid-January.