The NYMO cycle is confirmed down with two closes below the zero line.
The cycle high was set April 6th giving us a benchmark price of SPX 4086.23.
The model gives odds of price being below the benchmark at the cycle low whenever that occurs.
That said, this bull has left us with a stranded benchmark from November at 3642.31.
All stranded benchmarks are likely to get closed eventually, but it will be at a time of Mr. Market's choosing.
At present, we have two open gaps above and seven below to serve as potential targets.
Price has come back inside the upper keltner band.
Bulls need to get price back up on top of the upper keltner in the next few sessions, or bears get odds for a trip to the middle keltner (or more).
As usual, I don't know what will happen.
I kind of feel like Mr. Market wants to get everyone off-sides and mess with everyone's head for awhile before the next trendy move, but let's see what happens.
I remain long a runner position in SPX. I am flat R2K.
I had a R2K long last post that was closed down some.
Short setups are incubating in both indexes.