TNX is pulling back from its impulsive high this morning. The pattern may not be complete to the upside, but there certainly is room for a short reprieve from time to time. The Cycles Model suggests that Treasuries may decline through Thanksgiving before a turn higher.

SPX rose to a minute resistance on Friday before the close. My earlier analysis still stands. The main area to watch is the 1768.53 area. It appears that SPX is in the 5th wave of Minute Wave [c]. The alternate may be a more complex wave that is yet to be determined.

My current view is that the big boys are “running the shorts” again. The ability to go higher will depend on how many shorts fold this morning. A pop-n-drop may be in the works.

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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