Last night's S&P futures tagged 6040 and spent time around the 6033 level. Right now (as I write this), we are pulling back to around the 6020 level, awaiting more econ news. I believe this is some king of x wave and these can have irregular (y) waves tops (x-y-z), as we see right now on the futures. It remains to be seen if these levels hold until the cash market opens, but it is possible.
Today is a pivot and Pi match date day and the day before the new moon, which often times acts as the low (we could see another one tomorrow even lower, but not certain). The VIX being up 20% invites at least 1 or 2 retests of the cash low (SPX 5962 yesterday's cash low). There is a second gap up that may be filled around 5938-39 either today or tomorrow, but even that is not assured.
Once the wave counts are settled and the FOMC makes its announcement tomorrow and that is out of the way, there should be a huge rally into Friday (another Pivot date) that may or should tag the 6150 level. We have Uranus > Sta/Dx early Thursday and late that day the Sun trines Jupiter Retrograde in Gemini (until Feb 4 when it turns Stationary/Direct) which should be ~ the top. Next week's Jupiter > DX should give us even more fireworks, likely to the downside or a potential A of the expected X wave low (W being Jan 22 as a w-x-y structure).
This continues the theme of 2025, which is portending to be wild! Mars Rx is in focus right now until Feb 13 when it goes Dx, Uranus Rx > Dx Jan 30, Jupiter Rx > Dx Feb 4, then Venus Rx on March 1, Mercury Rx on March 15. These are a lot of planets changing direction, which melds perfectly with Trump's continuing disruptions (which could be good or bad, depending on which disruption he does).
Edited by blustar, 28 January 2025 - 09:12 AM.