FOR THURSDAY: (9/28) Thursday should continue the weekly trend but by Friday profit-taking and pre-weekend jitters should sneak in. Still, stocks are close to a fall high and it should complete the week of Oct. 1st.
DEC. E-MINI S & P 500
S & P ANALYSIS FOR THURSDAY: (9/28) We got long on the early dip and didn’t get the upside breakout we wanted to see but cycles appear likely to hold up on Thursday before profit-taking sets in on Friday. New highs to 2409 were supportive on Wednesday with major support now at 2398 and 2494.50. If the market can take out 2510, then a blast up to 2520-22 is very possible. Will peel off profits on strength.
NEAR TERM: Looking at next week, the October top could come in as soon as Monday with Oct. 6 being a secondary high. The weeks of Oct. 8-20 are the ones that look more like the market will be in trouble.
OVERALL: As long as 2487 holds, the market needs two more new highs to complete the latest pattern into October before a break. We had thought at least 2520 would come in with now an upper target to 2525. Pullbacks into October may only go to 2405 and then the next push up would go to 2580. Not going to top-pick this market.
CYCLES OVERVIEW: Higher Thursday; lower Friday; higher Monday; lower Tuesday; secondary high by Oct. 6.
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