Good Morning from Mr. B!
The NYMO cycle is down.
At the open today it hit the lower Turn Zone and has since bounced.
Let's see how the week unfolds as it is month/quarter-end.
I am checking in this morning, because we came very close to curing a stranded NYMO benchmark at SPX 4299.19 as well as closing an open gap at SPX 4298.86. So, another 4 handles down from the morning low will clean up these chart targets. Since I started doing this NYMO stuff, all stranded NYMO benchmarks have been cured eventually. So, I am inclined to anticipate some more decline ahead before a good turn, but the market will do what it wants.
There is an interesting rising bottoms line at about 4275 currently that could offer some support.
Bears want to tag the lower keltner band at 4257 to reclaim the bias. Until then bulls get the benefit of the doubt.
There are plenty of gaps above and below to serve as destinations for price.
I am short. I am seeing conditions for a long starting to develop but no setup is yet in play.