SPX futures pulled back to 6105.00 this morning, not far enough to cause a reversal. Cycles have Models for both price and time. After yesterday’s mistaken identity I did some further research to find that the current Cycle may extend to today’s mid-afternoon or Monday’s mid-morning. Should it end today or Monday, the intended target may be near 6173.00. These are estimates based on time and the fractal structure.  They are not guarantees.

Today’s option chain shows Max pain at 6095.00.  Long gamma lies above 6120.00 while short gamma lies beneath 6090.00.

ZeroHedge reports, “US equity futures are slightly lower to close out a blowout week for risk assets. As of 8:00 am S&P futures are down 0.1% after the index reached its new ATH on Thursday, the first of the year; Nasdaq futures are unchanged with megacap tech flat this morning (TSLA +57bp) while Russell futs are also down 0.1%. European flash PMIs were mixed with mfg beats for UK/France/Germany/EZ while services were mixed: FTSE -35bps, CAC +95bps, DAX +30bps, Nikkei -7bps, Hang Seng +1.86%, Shanghai +70bps. Trump overnight hinted at a softer approach toward tariffs telling Fox News he’d rather not impose them on China which sent the yuan and Chinese stocks higher.  Bond yields are flat around 4.64%, and the USD is modestly lower on the back of EUR strength. Commodities are mixed; precious metals; Ags are mostly lower, while WTI is up 30bps at $74.85; Bitcoin is up 2% to $105,300 after Trump unveiled his much anticipated executive order. Overnight, BOJ hiked 25bp as expected with an on the margin hawkish surprise as no downgrades to economic outlook and inflation outlook was revised higher. However, after initially sliding, the USDJPY has since rebounded and is flat. Today, the key focus will be global PMIs and earnings, with AXP and VZ being the most important ones to provide further color on consumer demand and economic growth. Wall Street estimates PMI-Mfg and PMI-Srvcs to print at 49.8 and 56.5, respectively; we also get the U of Mich (10am), Existing Home Sales (10am), and Kanas City Fed Services (11am).”

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