Time for a little BachNut...
The NYMO cycle is unclear.
We have a negative divergence with what look like lower highs today and July 3.
Two negative closes or a close below the June 25 low would confirm a down cycle underway.
However, as long as NYMO remains positive, the bias should be up.
The NYMO up cycle high stands at June 20 with a benchmark price of SPX 2958.06.
Assuming no higher NYMO high, the next down cycle gives odds to price dropping below that level.
I think we have a new record for open down gaps.
There were two up gaps that got closed this morning.
If I have a concern, it is that an event could trigger a cliff drop through the near cluster of targets.
There is just a lot of white space where limited or no volumes have traded.
I am still long an SPX runner position.
I have some short setups taking form but they need more time in the oven or could fade away.