FOR WEDNESDAY: (1/24) Latest Washington gridlock: will we see Schumer taking away Trump’s wall by the Feb. 8 budget deadline. Still, that’s plenty of time for the market to go up. We have a chance for a stock market pullback into Wednesday and then it would be a buy but we can’t count on pullbacks. Dollar breakdown below 9000 is rather ominous.
MARCH E-MINI S & P 500
S & P ANALYSIS FOR WEDNESDAY: (1/24) The slight new high to 2844.50 still could be followed by a 17-point pullback but that would mean 2827–and given the up-only elevator button, there’s no point in selling but we would buy a pullback. Resistance up to 2867 next. Parabolic support is at 2831.75 and the 17-point pullback may not come in. As always, you have to buy until 2867 comes in.
SHORT-TERM: (1/24) Have to focus on 2980 now and while we though that would take until June, it could easily be in much sooner at the rate of ascent.
CYCLE SYNTHESIS: Retracing lower into Wednesday; higher into Jan. 27 and 31.
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