The NYMO cycle was confirmed DOWN yesterday at the close.
It has been in decline since October 14 making lower highs and lower lows.
It has opened soundly negative this morning.
Price is hugging the upper keltner band, which is consistent with bullish price action.
The stack of open gaps below offers an airshaft for bulls to fall through if Mr. Market ever decides to turn.
The NYMO high on October 14th sets a benchmark price of SPX 4439.73.
The model gives odds that the benchmark can get tagged by the NYMO cycle low or will at some point in due course.
So, there is potentially a nice meal for the bears if they can get their act together...
That said, we also still have a stranded benchmark all the way down at SPX 3642.31.
As OPEX is on deck, price action may have little to do with NYMO in the days ahead.
I remain long runner positions in SPX and R2K.
I have a profit stop set on the R2K position.
Short setups are brewing but not ready for consumption.