The NYMO cycle remains down.
It has been in negative territory since August 18th.
Yesterday may have completed a corrective move back to the zero line. Time will tell.
We have closed a down gap target and opened a new potential up gap target this morning.
I think yesterday was a record with 15 total down gaps outstanding.
Not to sound bearish, but the stack of remaining down gaps looks like an air shaft.
We are well above the upper keltner band, which is short term bearish but big picture bullish.
The benchmark price for this NYMO down cycle is SPX 3363.29 (pea green line on chart).
The NYMO model says price should be below the benchmark at the NYMO cycle low.
If it fails to do so, that benchmark becomes unfinished business that will complete in a subsequent cycle.
So, perhaps today's drop is the start of a move toward the benchmark. We shall see. I don't know what will happen.
I remain long some SPX with a breakeven stop having scaled out two profit units.
I remain short some R2K. I thought this would stop out, but it has hung in so far.