Daily resistance is 16,499-16,535. A close above this range is bullish, whereas a trade above followed by a close back below is a bearish trigger.
Bullish crossover zones remain in effect at 15,824-15,883, 15,692-15,708, 15,498-15,534, 15,238-15,272, 14,867-14,966, 14,618-14,636, 14,160-14,175, 13,951-13,964, 13,181-13,258, 12,860-12,921, 12,159-12,270, 11,609-11,803, 11,296-11,358, 11,193-11,269, 10,078-10,138, 9839-9873, 9376-9380, 8926-8954, 8774-8794, 8385-8484, 8189-8231, 7380-7525, 7004-7014 and 6643-6736. It closed below another at 16,594-16,600, so that is also resistance
Bearish crossover zones remain in effect at 16,467-16,473 and 17,075-17,114.
It now appears that the 15,855 low of Wednesday, Oct 15, was a major or half-primary cycle trough. If so, we should have a 2-13 day rally. The high on Friday, the second day, was a 38.2% Fibonacci retracement. That could have been it, but I prefer to see that as an ‘a’ wave rally, and after a ‘b' wave pullback, one more rally into Oct 22-28 to complete the major or half-primary cycle crest. We want to sell then.
Position traders are flat and may stand aside while Mercury is retrograde.
Aggressive traders are flat and may buy at 16,150 +/- 50, with a stop-loss on a close below 15,950. Our upside target is 16,500-16,700. Or, you may sell short at 16,450-16,475 with a stop-loss on a close above 16,500, whichever comes first (don’t take both)
Solar-lunar periods coming up (the more *, the more likely a reversal, the more #, the less likely a reversal):
Oct 16-17 85.1 (more often a low)
Oct 20 99.2
Oct 21-22 131.0*
Oct 23 113.4
Oct 24 83.3
Oct 27 90.1 (more often a low)
Oct 28-29 118.9*
Oct 30-31 123.7*
ESZ (DEC S&P E-MINI): Frid ay’s close was bullish. And the close was above the daily trend indicator point after being below it for the 1st time in 7 days, which means it is upgraded to neutral.
Today’s trend indicator point (TIP) is at 1855.75. It will be downgraded back to a trend run down if today’s close is below there.
Daily support is 1857.50-1860.75.
Daily resistance is 1898.25-1901.25.
Bullish crossover zones remain in effect at 1752.50-1753.50, 1657.75-1665.25, 1499.25-1501.25, 1459.25-1460.75, 1436-1447.25, 1366.75-1370.25, 1292-1299, 1257.50-1268, 1211.25-1216.75, 1166.75-1177.50, 1055.85-1066, 1013.00-1017.85, 982.90-984.20, 955.40-956.05, 939.95-943.00, 905.55-917.95, 879.80-882.60, 828.25-845.25, 775.75-797.00, 726.75-728.75, and 684.25-697.25. ESZ closed below another at 1901-1902.75, so that may now be resistance too.
A bearish crossover zones remains in effect at 1978.25-1979.50.
Position traders are flat and may stand aside.
Aggressive traders are long with a stop-loss on a close below 1827. Cover 1/3 now. You may cover all and go short in daily resistance with a stop-loss on a close above 1905 or 1925, depending on your risk allowance. Or, you may buy at 1850-1860 with a stop-loss on a close below 1825. Take whichever comes first, but not both. Remember, this is for aggressive trades. The market is still not stable.
NQZ (DEC NASDAQ E-MINI): Frid ay’s close was bullish and becomes a bullish sequence. And the close was below the daily trend indicator point for the 1st time in 7 days, which means it is upgraded to neutral.
Today’s trend indicator point (TIP) is at 3795.50. It will be downgraded back to a trend run down if today’s close is below there.
Daily support is 3750-3755.
Daily resistance is 3849.25-3853.
Bullish crossover zones remain in effect at 3686.25-3698.50 and 3563-3576.25. Prices closed below another at 3852-3860, so that is now resistance. So is 3919-3923 and 4053-4058.25.
Bearish crossover zones remain in effect at 3911-3931 and 4052.50-4058.25.
