The NYMO cycle is Down.
NYMO is negative and making its way up to the zero line.
This could simply be a corrective bounce or the cycle low is in and an up cycle will be confirmed once NYMO turns positive.
Time will tell.
Price, in spite of negative NYMO, is just a few handles away from a new ATH.
I imagine there is a collection of stops waiting to be harvested.
Perhaps after a capitulative high, we will see if folks really want to buy up here.
Powell continues to pledge easy money forever, but the bull march seems more like a trudge than a charge lately.
We have a stack of nine potential gap targets below. (10 if today's doesn't close during the session.)
The keltner band continues to narrow, which can set the stage for a big move down the road.
It has been a while since the upper keltner has been tagged to confirm the big bull trend.
I am flat SPX and short R2K.
I did put on an SPX short, but it was BE stopped after two profit scales.
I managed to get one profit unit scaled on the R2K but this remains a risk position and is drawing down at the moment.
Given negative NYMO, a reversal in price could get me short SPX again.
On the other hand, I have long setups starting to take form.
As usual, I haven't a clue what will happen.