Mr. BachNut with a late in the week report...
The NYMO cycle is UP.
We are back in the Upper Turn Zone (UTZ).
As you may recall, NYMO in the UTZ is a possible pivot time when things can change... or not.
Watch for confirmation of blast off or a switch to consolidation or reversal over the next few days.
At the moment, we have a negative NYMO divergence with price making higher highs but NYMO at a lower high.
If this isn't remedied in the days ahead, we will set a NYMO benchmark at SPX 3,905.42.
If the benchmark doesn't get stranded by a raging bull, all gains above that level will be given up in the next NYMO down cycle.
That said, as long as NYMO stays positive, price can keep climbing.
We have a squadron of open gaps above and two below.
The lowest up gap is now on the radar at SPX 4110.41. I wouldn't give it much credence except there may be some serious stops just above to be squeezed.
The 200 MA is also coming into view as well as a declining tops line. Guessing they would offer some resistance, but who knows.
Interestingly, the upper keltner band has turned up. For me, bulls have to tag that to orient me to a new bull market. So, their job just got a bit harder.
Without that tag, my bias remains bear market.
I remain long a runner SPX position from last month's CPI low. I am nudging up a profit stop.
Interestingly, my usual NYMO model setups are flat at the moment despite the move.
These are slow moving swing setups that are not nimble enough to catch what we got yesterday.
They may engage next week if this bull has legs.