FOR FRIDAY: (9/21) Quadruple Witch can be a big sideways nothing after an early spurt and isn’t a great trading day. Markets in paralysis before FOMC and while we still have a bias toward higher gold and silver and lower dollars, not much happening yet without much more of a crisis. Going to leave it alone before the weekend break.
DEC. E-MINI S & P 500
TRADING RECOMMENDATION: Wait for morning comments.
S & P ANALYSIS FOR FRIDAY: (9/21) We had Thursday higher but were surprised by new highs on the DOW and S & P that aren’t confirmed with NQ. The other day we had 2838 and we were skeptical but it is in. Patterns suggest 2946 now but the extended daily chart target is up to 2960 and 2992. Cash has resistance at 2939-40. The rule is never to sell a market in all-time high territory. Usually the Monday before FOMC is lower and that might be the best chance. We can get at least 35 points pullbacks and congestions before FOMC so that may come in early next week. Not happy with the failure of techs, which are well below old highs.
CYCLES OVERVIEW: Higher into Friday.
