Good morning : the DMS (Daily Market Schematic) continues to reflect a neutral quantitative technical profile for the SPX/MKT- taking into consideration the current TIME cycle configuration, location of price relative to TIME, the algorithmic signal readings (DMP) and the current Volatility cycle metrics (9)-
We continue to forecast a rotational market structure and will most likely see the SPX/MKT hold its trend structure between 2707-43- with even perhaps a tighter range that that.
if I had to guess, id say we will probably move sideways-slightly higher before “materially” lower over the next several days-week. Again, this is based upon the above outlined layout-
Right now the TIME cycle forecast is pointing to聽5.28.18聽or so for the current cycle before were seeing any “Major” Sell signals of any consequence to disrupt the current trend structure.
SPX S1=2714-Should hold SPX/MKT- today
SPX S2=2710-Would BUY SPX/MKT here
SPX R1=2720-24- First level of R-
SPX R2=2727- a close above this level would indicate a move to R3@ 2750-ish-
聽Traders/PM’s are advised to limit their expectations for the SPX/MKT right now and assume the current tight trading range is likely to get even tighter over the coming days/week.
For today we would use this am’s support @ 2714-10 to BUY the SPX/MKT-as we might see higher prices going into later today.
Chief Technical Strategist / DCH-DTA