FOR FRIDAY: (9/22) Starting to think that the FOMC was a game-changer for the dollar and we’ll buy dips into Sunday night/early Monday. Gold still in trouble until 1275 comes in next week. Crude seems higher into at least Sunday night and we have to complete research around the rest of the month.
DEC. E-MINI S & P 500
TRADING RECOMMENDATION: Wait for morning comments.
S & P ANALYSIS FOR FRIDAY: (9/22) Our S & P day trade hotline has been a seller all week from 2504/2507 as well as 6000 in NQ. NQ is the market that’s performing better. S & P could still work down to 2487 by Sunday/Monday but the market does look higher overnight–and if that is minimal, we may have a light sale in the morning. NQ cycles are more bearish into Monday and we’ll look for a better risk/reward there.
OVERALL: As long as 2486 holds, the market needs two more new highs to complete the latest pattern into October before a break. We had thought at least 2519 would come in.
Pullbacks into October may only go to 2405 and then the next push up would go to 2580. Not going to top-pick this market.
CYCLES OVERVIEW: Generally higher into Sept. 22; lower Sunday/Monday.