Still on vacation.
My usual signals remain up.
However, my NYMO chart confirmed a down cycle yesterday with the high of the prior up cycle fixing all the way back at June 9th.
It sure took its time...
In any case, normal pattern over a down cycle is for price to drop at least to (and perhaps considerably below) where it was at the NYMO cycle high, which is SPX 1955.55.
This doesn't preclude higher highs first, but the market is pushing down now. So, maybe it is a quick trip. (Probably should have posted this last night
)
In any case, I am looking for 1956 or lower over the course of this down cycle. We shall see.