The benchmark (set about a month ago) for this NYMO down cycle at SPX 2050.30 has been met.
Mr. Market was very kind to build up a big premium for us to feed on.
This does not mean price can't go lower; it is just a minimum target.
Another 15 handles would tag an important rising bottoms trendline.
The NYMO is knocking on the door of the bottoming zone now (thin green line).
The currency tell is a little divergent today opting not to make lower lows.
So, perhaps some further downside is still in the cards, but edge and asymmetry is shifting to neutral (perhaps for a pause or perhaps for a turn).
I am in harvest mode.