Today is day 11 from the September 5 Trading Cycle high in TNX. It is also a potential turn date into a potential Primary Cycle high on September 29 through October 3. Primary Cycles can be very strong and sharp. You may recall that I have said, “Primary Cycles may often be spoken of in superlatives.” This one promises to be one of them.

You may notice that in April 2012 I labeled the bottom of 4 degrees of waves, suggesting that the 32-year downtrend in the 1-year yield is approaching its demise.

It is possible that Cycle Wave I may extent to the declining trendline shown in the monthly chart. The expanding Leading Diagonal has that capability. The Primary Cycle may be positioned to do just that.

Meanwhile, the SPX futures are stuck at the 13-year Top trendline at 1697-1698.00 and the lower trendline of the Broadening Wedge near 1700.00. That, and round number resistance at 1700.00 may be the stopper for this rogue rally. Expect a scuffle at the top of this range.

Today is day 151 in Cycle A in the SPX. The operative turn interval is 150.5. It is also (market) day 13 in Cycle B. A turn may occur near mid-day, if this is correct.

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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