(2/16) Some signs of reversal energy for dollar and metals but the S & P is going to the moon and crude continues to congest and drive us crazy. Lots of news on Thursday but then pre-weekend paralysis will set in on Friday.
MARCH E-MINI S & P 500
S&P ANALYSIS FOR THURSDAY: (2/16) We knew to get out of shorts as greed knows no end and patterns on NQ were far from complete. Patterns look like a push to 2358-60 and then a 9-point pullback and then a push up to 2368. Market has a feel of a 3-of-3 breakout with maybe the 5th of the 3rd wave complete by Tuesday. May get a 6-point pullback to 2345.60 before it takes off if you want to chase. Cash target has been 2370 but that will be in soon.
OVERALL: (2/15) We threw out our 2330 cash pattern completion when it was taken out by 10 points and now as they say in the Honeymooners, it’s going to the moon, Ralphie boy. We had a target of 2500 for 2018 but now we wonder if that will be the spring high. We should get an 80-100 point pullback in March into early April but will that be from 2400-2420. Too hard to count the telescoping nature.
NEAR TERM: The last pullback 2nd wave on the weekly chart was a congestive fall over 10 weeks. If that is the case again, it could be that we have a 100-point congestive pullback into the week of April 9 once the market tops in late February or early March.
CYCLES OVERVIEW: Higher Thursday; profit-taking Friday.
