The NYMO cycle is DOWN!
However, as I write, it is dipping into the lower Turn Zone.
So, some kind of inflection could be near unless it decides to proceed to Oversold.
Pricewise, we have an open down gap at SPX 4017.77 that is close enough to be a magnet for closure.
We also have a benchmark for this NYMO cycle at SPX 3997.76.
Interestingly these two potential targets converge with the middle keltner band and the rising bottoms line of the big channel (bear flag cough cough).
So, we have a good neighborhood for a technical price low dead ahead.
We have four open gaps above that look interesting for a retest of recent highs. We shall see.
As usual, the market can do whatever it wants, and I have no idea what will happen.
The narrow rising channel has been persuasively broken.
Closes out of the wide rising channel could be bad for the bulls and signal bear market resumption.
I am flat and have been out of the market on other matters.
I actually have short setups ripening to enter a down trend.
However, as noted above, conditions are developing for a bullish inflection.
So, any positioning will be on a short leash and subject to whipsaw.