Mr. B checking in.
The NYMO cycle remains down.
There was an attempt to correct to the zero line, but it fell quite short.
The next few days could be interesting (as if the last few weren't...) as we could get a lower price low with a positive NYMO divergence... or not.
We have cleared a lot of gaps over the last several days and opened two fresh ones above.
There is a lot of space between current trade and these targets in both directions. Hmmm...
It is plausible, if last week's lows hold, that we could try another test of the highs.
This could make for a nice ascending wedge. (blue orange lines)
However, the 50 MA has been acting as resistance. (bearish)
If we continue to drop, the lower keltner band is soon to rendezvous with the 200 day MA at about SPX 2800.
That could be an important level. If it fails, we could see some serious capitulation below the June and March lows.
One day at a time. I haven't got a clue what will happen.
I am flat. It has been difficult trading for me the last week.
My R2K short runner was break-even stopped.
My SPX short runner was closed on a triggered long set-up.
I balked on the long given the lack of NYMO support.
Usually not executing is a bad idea, but this time looks good.
The market could run without me here, but I think fresh setups will lock and load ahead.