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SPX Futures Are Higher, But No Breakout

Stock-Markets / Stock Market 2017 Sep 11, 2017 - 04:29 PM GMT

By: Anthony_Cherniawski

Stock-Markets

SPX futures rose to 2475.00 in overnight trading, giving rise to Wave (c) of a Wave [ii] correction. Last week’s inability to close beneath the mid-Cycle support/resistance gave us a hint of what was to come. The futures Wave structure suggests that the retracement may be over, or nearly so.


ZeroHedge remarks, “And we're back at all time highs.

With traders paring back risk positions on Friday ahead of a weekend full of potential risk events, Monday has seen a global "risk-on" session in which global stocks rose back to record highs and US futures jumped, the dollar gained, Treasuries retreated, while VIX and dollar slumped as appetite for risk returned to global markets after North Korean failed to conduct an anticipated missile test failed to materialize and Hurricane Irma appears to have struck the U.S. with less force than feared. The MSCI All-Country World Index increased 0.3% to the highest on record with the largest climb in more than a week, while that "other" trade also outperformed, as the MSCI Emerging Market Index increased 0.4% to the highest in about three years. Safe havens such as the yen and Swiss franc all also fell.”

NDX futures also ramped up to 5971.62, short of last week’s high. It has the potential of matching last week’s high of 5980.15 in a Flat correction.

TNX appears to have completed a complex Wave 1 and a possible Master Cycle low last Friday. The low comes about 2 weeks early, so I wansn’t anticipating it. It is also possible that the decline may accelerate over the next two weeks to finish much lower on time.

The USD futures are challenging the Cycle Bottom resistance at 91.71. That suggests a short-term bounce may be in order that could challenge the 50-day Moving Average at 93.70.

Gold futures are sinking, but not far enough for a sell signal. Thus far we see a low of 1336.14 which has not crossed the Cycle Top support at 1329.25.

Regards,

Tony

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As a State Registered Investment Advisor, The Practical Investor (TPI) manages private client investment portfolios using a proprietary investment strategy created by Chief Investment Officer Tony Cherniawski. Throughout 2000-01, when many investors felt the pain of double digit market losses, TPI successfully navigated the choppy investment waters, creating a profit for our private investment clients. With a focus on preserving assets and capitalizing on opportunities, TPI clients benefited greatly from the TPI strategies, allowing them to stay on track with their life goals.

Disclaimer: The content in this article is written for educational and informational purposes only.  There is no offer or recommendation to buy or sell any security and no information contained here should be interpreted or construed as investment advice. Do you own due diligence as the information in this article is the opinion of Anthony M. Cherniawski and subject to change without notice.

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