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 possible 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.
ZeroHedge reports, “US equity futures are off a touch as the US/IranIran failed to consummate a deal, which is boosting Energy commodities and bond yields. Still, stocks have withstood the resulting increase in oil prices and higher bond yields as the market remains focused on the memory/semi stock bubble.?
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.
The 10-year US Bond Yield tested its Cyc Top resistance this morning at 44.05, but did not break through.. However, it may encounter a surge of trending strength today that may boost it above resistance and xlear the way to the necklne of the Yead & Shoulders formation..
Bitcoin attempted to overcom Wednesday’s high at 82814.00, but failed. It is now sitting atop the trendline at 80600.00 and the mid0Cycle support at 80476.00. A sell signal may be obtained should bitcoin decline beneath these levels. Bitcoin is an indicator of investor sentiment, as there is no uderlying asset.
Crude oil rose up to test the Cycle Top at 102.01 over the weekend, but failed to reach it. The Cycles Model shows a possible Master Cycle low in about two weeks that may terminate the Triangle formation. Crude may drop to the mid-Cycle suuport currently at 70.24 to complete the formation, just in time for Memorial Day weekend.