SPX futures rose to 7812.60 thus far this morning, very nearly reaching a new all-time high. The Cycle Top resistance lies at 8023.32 this morning rising 8-10 points per day. 8100.00 may be in reach in the next week or so.
ZeroHedge reports, “US equity futures are higher for a fourth day, putting the S&P on course for its longest winning streak in two months, and on pace for a record open.”
The Dow jones Industrials have risen to 51638.00 thus far this morning in an abrupt bounce off the mid-Cycle support at 50431.00. The nearest target may be the 52-day Moving Average at 52397.01, and rising. The Cycle Top is currently at 54756.36 this morning, and rising.
The premarket VIX slid to 15.28 this morning, testing the Triangle trendline. The Cycles Model sugests a possible surge of downside strength may be imminent. This may aid in the development of a fractal tail beneath the Triangle formation.
The US 10-year Bond Yield pulled back from its Master Cycle high at 53.49. A correction that testing The Head & Shoulders neckline may be anticipated. The Cycles Model suggests weakness may prevail until the week of October 26.
Crude oil declined beneath the 52-day Moving Average at 88.41 this morning. This may be the final shake-out prior to a resumption of the uptrend. A high velocity rally may ensue through the middle of October.
ZeroHedge observes, “The climatological peak of the Atlantic hurricane season was in mid-September, and so far, the season has been very quiet as El Niño wind shear breaks apart tropical disturbances in the Atlantic Basin.
On Monday morning, the National Hurricane Center gave the tropical disturbance a 70% chance of development over the next seven days, up from 50%.”
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