sp'60min
Summary
With further weakness, we'll break rising trend on the sp' hourly chart... and that does greatly increase the probability that 2056 was a key mid term high.
In any case... a long weekend is almost here.
*I see a post from Armstrong that the NYSE 'closes early Friday at 1pm. That is incorrect. The US and almost all markets are closed tomorrow for 'Good Friday'.
Further, most of the EU markets are closed on Monday too, but US will be open.
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Cyclically, we're on the very low side of the MACD cycle, and will still be due for a bounce into this afternoon, and early next week.
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Update from Mr C.
Failed head test? Certainly sp'2056 is within the zone where such a formation would be expected to max out.
sp'weekly8e - H/S
... and that is indeed effectively what Mr C' is suggesting. A simple extrapolation would give sp'1600 or so within 2 months or so.
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Overnight action
Japan: -0.6% @ 16892
China: very weak into the close, -1.6% @ 2960
Germany: currently -1.4% @ 9885
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Have a good Thursday
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8.52am.. Durable goods orders, m/m, -2.8%... not good at all.
sp -12pts. 2024.
Oil -2.8%... the $38s are looming, and that really makes the 43s difficult next week.