FOR THURSDAY: (9/20) Not sure we learned much on Wednesday but global rates are in a bit of a crisis and dragging US notes lower. Stocks are still in Lala land and some minor flight to quality. Cycles are volatile on Thursday and not sure we have anything definitive to do and expect more range trading than anything.
DEC. E-MINI S & P 500
TRADING RECOMMENDATION: Wait for morning comments.
S & P ANALYSIS FOR THURSDAY: (9/20) Not sure we learned much. Market held the key 3- wave pullback area to 2905.75 and recovered toward the highs but didn’t get to 2920-1. Could see that in the morning followed by a pullback to 2908 or 2905. Doubt that acceleration will happen before FOMC. May be a similar day with sales in the 2920-1 area and buys in the 2906-08 area. NQ continues to show sign of failing but could be better on Thursday. Will have to wait for the morning but not expecting anything major to the upside the next few days, and the market is top heavy and often falls the Monday before FOMC.
CYCLES OVERVIEW: Recovering part of Thursday; higher into Friday.
