BachNut is back from holiday and getting into trading mode.
The NYMO cycle is still up, but today we are seeing our first dip below the zero line in some time.
The decline from the 9/11 high could all be a corrective move while price consolidates.
That said, I am guessing that any NYMO rally from here will make a lower high setting the table for the next down cycle.
I want to see closes below zero or a deeper dive before calling a NYMO turn.
Price was kind enough to go trendless while I was away.
I haven't missed much.
There is a little gap to yesterday's close, which may need to get tagged before heading up to the last outstanding up gap target at SPX 3025.86.
On the other hand, there are yawning (scary) gaps from the beginning of the month sitting down below.
If the bulls can't muster up the energy to get to ATHs soon, this consolidation will have trapped enough energy in an island for a sharp move.
I am still watching what looks like a big ascending wedge.
I am still long an SPX runner position. My R2K long runner closed out on a profit stop while I was away.
I have initiated a small R2K short and may build or bail as the week progresses. (breadth and price in R2K weaker than SPX)
Overall net long for now.