The Pre-Market has pushed lower, but not yet breaking yesterday’s low. Having closed just below Cycle Bottom Support/resistance at 1652.76 and failing to levitate back above that level in the Pre-Market suggests that SPX may go considerably lower today. That doesn’t rule out some kind of correction when the FOMC minutes are released at 2:00 pm (1400 hours).

Today’s Pivot suggests a retest of the 50-day (possibly higher) in a sub-minute Wave (c), then a drop into the next Pivot, which occurs on Friday. This is a candidate for the first Flash Panic, with a rally into the end of the month, then the real Flash Crash during Labor Day week.

Today is a prime Pivot day (181 days from the February 1 Master Cycle low) for a Trading Cycle low. The Cycles Model suggests that USD should not decline beneath the June 13 low. The futures are up modestly this morning. Confirmation comes with the crossing of mid-Cycle resistance at 81.73. The declining trendline is in the same vicinity.

Regards,

Tony

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Disclaimer: The content in this article is written for educational and informational purposes only. There is no offer or recommendation to buy or sell any security and no information contained here should be interpreted or construed as investment advice. Do you own due diligence as the information in this article is the opinion of Anthony M. Cherniawski and subject to change without notice.

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