| | | SPX Cycles Update:
60 min level: A 60-S-2 was confirmed during the 1st hour, a 60-S-1 (Extreme Overdue) was confirmed at the close of the 3rd hour, however, the 60 min is currently in 60-E-1 (Extreme Overdue) territory which could be confirmed Monday at the close of the 1st hour, with a projected low of 6577.88. If the 60-E-1 is confirmed a UPRO Buy Signal will also be confirmed.
Daily level: The Daily remains in D-E-2 for today, however, the Daily is currently in D-S-1 territory, which could be confirmed at the close on Monday with a projected low of 6593.51. At the Daily level the D-1 (6565.34) & D-E-1 (6239.62) are both extremely overdue, the D-SC-1 (6114.57) is also overdue.
Weekly level: The Weekly currently remains in Bull territory, the Weekly UTL is currently at 6575.28, so a drop below that level will put the Weekly into Bear territory. For the Weekly to confirm a Bear cycle it will have to open Monday below the Weekly UTL and remain below it until the close on Friday. At this point that doesn't seem likely, but if the futures are way down Monday morning that could be a different story. There are currently 2 Weekly Bear Cycles that are overdue, the W-S-1 (6382.40) & the W-1 (6226.60). The W-S-1 could get confirmed at the close of next week, it will take the W-1 three weeks to get confirmed.
Bottom line: This could be just the start of a Daily correction and the SPX recovers next week. Three of the four 60 min Bull Cycles will be overdue next week.
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