Unless things change dramatically by end of day, the NYMO cycle will be confirmed down.
It closed at a lower low yesterday to the Halloween low. A second negative close today would support.
The price high at the top of the NYMO up cycle was SPX 3004.78.
This becomes our benchmark for the down cycle.
Odds favor that price will reach or exceed the benchmark at some point in the down cycle.
Not a prediction!!! just a scenario with some decent odds.
That would be a nice 80 point move from around this morning's trade.
It also lines up well with a trip to the middle keltner band.
There is an abundance of open gaps below to feed the bears.
I am still long runner positions in SPX and R2K.
Given the NYMO change, I will be jamming profit stops to prepare the exit.
While NYMO appears to have reversed, price is still holding, and price rules.
So, no short at the moment, but I suspect setups could shape up in this regard in the days ahead.