A Good Day for a Major stock Market Down Turn?
Stock-Markets / Stock Markets 2013 Oct 01, 2013 - 06:00 PM GMTYesterday I had suggested a “hope rally” that would figure in a bounce back to mid-Cycle resistance at 1690.00, but it appears to have taken place in the overnight futures.
The Pre-Market is only nominally higher after going to 1691.00 (cash) overnight, so the bounce may have already come and gone.
VIX is flat in the overnight futures market. There is a marginal possibility of a retest of Cycle Top support. However, it may not last. Yesterday was a pivot day, which suggest the VIX will go higher and not (much, if at all) lower.
TNX is testing its new trend. It may still retest the Declining Wedge , but time and the Wedge are going away fast.
The US Dollar extended its Master Cycle low to the end of September. That is not unexpected, since the low in USD is occurring early. Today is day 232 in Master Cycle A and it appears primed for a reversal.
By the way, today is 2.15 years from the August 8, 2011 low in the SPX. It appears that we are due for a major turn here.
Regards,
Tony
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