SPX is preparing for what may be its final probe at the Broadening Top trendline before a reversal today. At the moment,, the top appears to be near 1547.00. If the top comes in the first hour, it may be shorter. Later in the day, a bit higher.

Today is day 275 in the aging Master Cycle. The Master Cycle low may come rather quickly. There is only 1 nest of 37,000 SPX put contracts at 1450.00, so there may be little fear of a decline into options week.

The USD is not finished with its rally, which may end at Cycle Top resistance or at the inverted Head & Shoulders neckline shown in the chart. So it appears that Hot Money may gravitate toward the Dollar.

This chart shows the Master Cycle having been completed on February 19. I suspect a brief but powerful spike back up toward mid-Cycle resistance at 1671 before a resumption of the decline in gold.

USB has resumed its decline and may surprise many as it crosses the neckline of its Head & Shoulders pattern. Be prepared for that eventuality.

Regards,

Tony

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