NYMO is down in the lower Turn Zone, and the Oversold Zone is coming into view.
It has been a long time since NYMO has had an oversold zone tag.
Price has been closing down gaps and opening up gaps.
We have taken care of some unfinished business by tagging a stranded NYMO benchmark at SPX 4438.26. Hooray!
That leaves one stranded benchmark all the way down at SPX 3635.41.
Personally, I think that one has to wait until the next recession.
We have tagged the 200 MA. This constitutes a first test.
Typically, there will be some support around here and a relief rally.
If a second test then fails, it should trigger patient money heading for the exit.
The market generally doesn't like to set a Friday low.
So, perhaps early next week.
That said, today is a big OPEX and next week is FOMC.
So, shorts may have twitchy fingers.
I remain short SPX and R2K.
May do some short time frame hedging for a bounce if it appears.