SP500 Midcap E-Mini Update

This S&P Midcap bullish phase produced another wild ride to the upside. It looks like 5 waves up as the subdivisions were very small.  A single zigzag crash ending in December 2018 can make all this fit into a diagonal set of 5 waves down in Intermediate degree.

The Midcaps found resistance just a bit above the 200-day MA line which still leaves the Midcaps under the influence of a  Death Cross.  March can also give us fantastic turning times in both directions, but we have to have the patience for this to play out in the short-term.

I don’t have a big database on any Gold/Midcap ratios but today we are sitting at 1.48:1.

The commercial hedgers are still net short the S&P Midcaps but not by all that much. In other words they can swing to a net long position fairly quick.

 

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