FOR THURSDAY: (2/15) Insane day on Wednesday and not sure anyone survived. Hard to be able to dip your toe into the water now. Seems like momentum from Wednesday will peak early Thursday and then turn into Monday. Hard to chase anything, as a bit more will happen and then profit-taking will set in before the 3-day weekend.

TRADING RECOMMENDATION: Wait for morning comments.
S & P ANALYSIS FOR THURSDAY: (2/15) The St. Valentine’s Day massacre did have a happy ending but not sure anyone really survived the volatility. We had suggested exiting at breakeven on Wednesday morning because of the breakout overnight, and it was real as the 2700 region came in. Five waves up projects 2706 with next major resistance at 2743 and then the 78% retracement up to 2802. We found a new cycle that peaks into Monday that is an active risk-taking cycle so wouldn’t be surprised to get up to 2802 by then. Parabolic support at 2650 should hold if we get any wild pullbacks. Market looks higher in the morning and lower in the afternoon and then higher on Friday.
CYCLE SYNTHESIS: Higher then lower Thursday; higher into Friday; topping into Monday.

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