Just a quick update.
NYMO cycle remains down and divergent to price.
NYMO has been weak since mid-June.
So, if price decides to align with NYMO, a move back into the June trading range would not surprise.
Conversely, one decent down day could take NYMO down to the turn zone and offer conditions for strength.
I don't know what will happen.
For the bears, I note that we still have a stranded NYMO benchmark down at SPX 3642.31.
I imagine Mr. Market will need some kind of crisis to take care of that piece of unfinished business.
It has also been a long time since we tested the 200 day MA.
I point all this out simply because a period with negative NYMO like we are seeing with price ticking new highs can be a sign of distribution under the surface.
Let's see what happens in the weeks ahead, but juicy targets are available below.
I remain flat SPX and short R2K.