FOR TUESDAY: (9/19) Trade may be anxious to do anything before Trump opens his mouth at the UN. Expect something patriotic that will probably rally the market. Stock cycles seem supportive into the Tuesday night session and they usually take the market up before FOMC.
DEC. E-MINI S & P 500
TRADING RECOMMENDATION: Wait for morning comments.
S & P ANALYSIS FOR TUESDAY: (9/19) We had looked for stocks to dump in the afternoon and NQ didn’t disappoint, falling to 5969 before short-covering. The S P only managed to fall to 2497 before recovering. Given that most Monday’s before employment report we get 25 points, today’s action was rather disappointing. While we have been confident about seeing 2519, we had hoped for a pullback with some cyclical weakness to get in from better levels. Minor patterns suggest reaching up to at least 2508. If nothing wild happens overnight, we may be open to buying, as they may buy it up before Wednesday.
OVERALL: Pullbacks into October may only go to 2405 and then the next push up would to 2580. Not going to top-pick this market.
CYCLES OVERVIEW: Generally higher into Sept. 22.
