donderdag 21 september 2017

Thursday Market Observations

# The SPX and DJIA held up into the 9/19-9/20 turn window and only gave us a quick EW a-b-c correction after the signaled "balance sheet shrinkage" statement by the Fed. We have horizontal pivot support at SPX 2479 and horizontal pivot resistance at SPX 2525. We may be close to a move lower (into 9/29) after we have rallied into the 9/19+/-1 Time and Cycle CIT, suggesting a 9/19 High +/-1...


# The PM sector made a typical pullback into the FOMC meeting. Gold got our back test of $1300 post-FOMC statement and expect a rally to start by Thursday to $1350 and then a C-Wave down into early October to test $1280-$1290.
# Bonds may have given us 5-waves down on the hourly chart. A post-FOMC bounce looks possible.
# The USD gave us a C-Wave higher of an EW a-b-c bounce. We should see a pullback to new lows start on Thursday...