Mr. B checking in.
Been awhile... been busy on other matters.
The NYMO cycle is DOWN!
We have a benchmark price of SPX 3997.76 set at the high of the last NYMO up cycle.
NYMO has been bouncing up last few days, which may be a corrective move to the zero line or the start of a new up cycle.
Time will tell. If we are beginning a new up cycle, this benchmark price will get stranded for a while, but all benchmarks get tagged eventually.
Pricewise, we are looking to close a gap above at SPX 4164.
Down below there are three open gaps.
Bulls are presently making a second attempt at the upper keltner band. They barely missed a tag on Feb. 2.
If this push fails to reach the band, presently 4246 and rising, a trip down to the middle keltner and perhaps the lower keltner could be in the cards.
Until the upper keltner band gets tagged, I have a bear bias in the longer term.
I am seeing price in a narrow bull channel within a wide bull channel.
The wide bull channel could be a big bear flag.
Bulls have successfully tested the 200 day MA, which is supportive of the upward price action.
I am flat and have been out of markets on other matters.
While NYMO is negative and in a down cycle, price rules, and my setups have been long since January.