The NYMO cycle is down.
The last up cycle, which topped on 4/26, was kind of puny lasting only four days.
While this down cycle has been going for awhile, it has spent much of the time coiling around the zero line.
This is essentially corrective, neutral, non-trending behavior.
A clean, sizeable downthrust only began yesterday, with price responding in kind.
There is a ways to go before NYMO reaches the turn zone. So, that is potential bear fuel if you will.
Given where NYMO is now, however, a corrective bounce to the zero line is also on the menu.
Price has been struggling to hang onto the upper keltner band for awhile, but appears to have let go setting new lows for the month so far.
The middle keltner beckons now as does a stranded benchmark at SPX 4086.23.
We have a stack of open gaps below to serve as targets.
However, today's up gap at SPX 4188.43 may want to close before getting down to business.
We shall see. I don't know what will happen.
I am flat. A short setup for SPX is percolating but needs more time and price action to go live.
I should be short R2K with two profit scales in the bank and a runner position status, but I totally botched the entry in an unforced error.
The good thing about trading mistakes (provided they don't kill your account or cost a lot) is that, after a brief period of feeling stupid, you let them go and forget about them.