After an 82.4% retracement, SPX appears ready to break down. Part of the motivation for the big ramp today appears to be the fear of a negative week in equities going into the weekend. We’ll see if the subsequent decline puts a dent in this goal or not.

By the way, today was a pivot day, so the fireworks should begin on Monday.

TNX made a credible impulse out of its low today. I expect a retracement back to the trendline before the next, larger move higher. The breakout today was a minor one, so it appears that few, if any, are watching. Next week should be another story.

Regards,

Tony

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