The NYMO cycle remains DOWN.
We continue to post lower highs and lower lows.
Price has closed all nearby down gaps.
Price has also returned to the middle Keltner band. Now what?...
The 200 MA and the declining tops line continue to offer resistance.
Interestingly, the rising middle keltner and falling 200 MA are poised to converge if this range trade continues.
We have also tagged the NYMO benchmark at SPX 3905.42 for this downcycle.
In a sense this is bullish as a 34 day NYMO down cycle has resulted in an unchanged price.
I am still flat. I did put on a small R2K short early in the week that was stopped by Tuesday's CPI spike.
I should have reloaded that one...