The NYMO cycle is DOWN.
However, we are making higher highs and lows coming out of deep in the Turn Zone.
So, we could be making a big corrective move toward the zero line or be in an up cycle that will confirm once NYMO gets above zero.
Price has opened up a fresh down gap this morning.
There remain a bunch of additional gaps below and two above.
Price is presently coiling around the middle keltner band.
This suggests consolidation (albeit volatile) for a while until Mr. Market decides to proceed to either the upper or lower keltner.
Time will tell what we get for Christmas and New Years...
Friday's low came with a positive NYMO divergence while being in the Turn Zone, which gives some odds for a bullish outcome.
We have a NYMO benchmark down at SPX 4438.26.
Personally, I would like to see that closed as part of this down cycle, but it could get turned into unfinished business to be dealt with later.
I am flat SPX. My short was breakeven stopped after two profit units scaled out.
There is a possibility of reloading short here, but a setup needs to manifest.
I remain short an R2K runner position with a breakeven stop.