FOR WEDNESDAY: (10/31) Is S & P done yet? 2600 may be enough and much above 2700 now and the bulls may attempt to come back in and start a retracement into Monday. Choppy action should continue and because we missed key gold sale numbers, we now have to wait and give them a chance to happen into Friday.
DEC. E-MINI S & P 500
TRADING RECOMMENDATION: Wait for morning comments.
+S & P ANALYSIS FOR TUESDAY: (10/31) Nice recovery day but a close above 2710 would be more convincing. Market retraced 78%, which is typical of a congestion triangle, so a push above 2700 will be important to bring back buyers. Cycles are positive into the night session but we’ll be concerned about a pullback on Wednesday if month-end selling happens. More often than not, bargain hunting at the end of the month is more likely. Floor support for Thursday is 2671.00. Cash closed at 2682 and projects 2730. We’re inclined to expect upward action into Monday.
CYCLES OVERVIEW: Higher into Oct. 31; higher into Nov. 5.
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