Mr. B here.
I have marked 11/13 as the NYMO cycle low with a benchmark of SPX 2022.02.
NYMO has made a higher high and a higher low, but it has really struggled this week to get over the zero line.
It is above it now, but we have to wait for the close for confirmation.
It is a little concerning given that it took OPEX to get it here.
The first target for the upcycle has been reached though there remains a slight open gap above the morning highs.
I believe that gap was closed in the SPY, which is satisfactory.
Further upside targets are marked.
I have kept some of my downside targets on the chart.
Because NYMO has not shown the same vigor as price, I am open to the possibility of a corrective pullback after OPEX.
Also, the failure of price to reach benchmark in the last downcycle (3 handles shy) may be unfinished business or at least call for a test.
If we get a corrective move, I'll be looking for evidence of positive divergence in NYMO.
I was a little net short last post (short with a hedge).
Shorts were closed for a profit on the break of the 200 day MA.
I overstayed my welcome as I was waiting for a tag of the benchmark. At least the register was rung.
Longs are still on with a profit stop.
I may day trade short a corrective move, but assuming the upcycle holds, I'll want to gather or reload longs on a pullback.