Stock Market Waiting for the Turn
Stock-Markets / Stock Markets 2015 Oct 12, 2015 - 03:10 PM GMT
SPX Premarket is down a fraction. That means we have to give it a little more room fefore the reversal. Equities may rally to 11:00 am or shortly after to have rallied for 60.2 hours from the low. Since the decline was 56 hours, it makes sense that a rally, no matter how strong, will take a bit longer. In addition, there is some unfinished business because Minor Wave C has not yet equaled Minor Wave A, a common relationship. To do so, it would have to rally to 2025.76.
The Shanghai Index rallied this morning, setting the pace for the rest of the world’s markets.
TNX is pulling back, but may have some unfinished business to finish the retracement. There’s room for one more probe higher, possibly to 22.00 to complete the same Wave relationship as SPX.
The gold futures rallied to 1168.59 this morning. If its on the same or similar timing as equities, it, too may rollover in a similar fashion. It is approaching mid-Cycle resistance at 1171.14, which has been a barrier as gold has shifted into its downtrend.
Crude oil was repelled by its mid-Cycle resistance last Friday and may simply be waiting for the rest of the market to turn down as it has a date with its next Master Cycle low in the next two weeks.
Regards
Tony
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