FOR WEDNESDAY: (10/10) We have been hopeful for a recovery for a few days or a week and so far, we have only secondary lows and not new lows but much under 2860 on S & P cash and we will fall another rung. We missed Hurricane Michael in the news until late and that would prevent crude from breaking down to the lower rung but they often sell those hurricane rallies when things aren’t as bad as expected, and it’s moving more toward Florida and may not be as much of a threat. Treasury notes seem lower the rest of the week. We got short gold on the rally overnight but missed silver.
DEC. E-MINI S & P 500
TRADING RECOMMENDATION: Wait for morning comments.
S & P ANALYSIS FOR WEDNESDAY: (10/10) We didn’t breakout enough to confirm that this market is done but it didn’t make new low, and that’s a positive. We ideally want 2905 to come out to confirm, and 3 waves up would be the 2902-03 area. If the market looks better in the morning, we’re very open to stepping up and buying.
CYCLES OVERVIEW: Higher into Wednesday; sideways Thursday
