Wednesdays market was interesting in that the setup for the Russell coming in had both a sell short day on the 20 period ROC but also a Buy on the 3/10 oscillator. As an aside, when I did research with MRCI in the 90s, we back tested this and came up with the “critical” day pattern because this occurrence resulted in a high number of outside range days, or erratic behavior where both the upside and the downside swing requirements were fulfilled. Such was the case with the Russell.
For Thursday: The summation tick indicator is more overbought now than oversold, most indexes are on an extended run to the downside, implying any further up or close above the 5 SMA is still a short sale. 1918.75 is the daily 5 SMA for the SPs on Thursday. However, there are 2-period ROC BUY Divergences on the DOW. Dow needs a cloe back above 16424. Any up close will set up 5 SMA trades…so…Short Rallies if price gets back to the 120/240 minute EMA , (even though the market appears oversold). There is excellent resistance at the top of the 2/3-day trading range.
Copper: Turtle Soup BUY possible ( false break below 20 day low).
Gold and Silver: Cycle lows on daily/weekly. Silver has a pinball sale, but would not take much for it to make a wide range reversal buy which would overpower a short term pinball sale.
Markets in BO Mode: