SPX began sliding in Pre-market, challenging yesterday’s low at the open. This may be the beginning of a panic attack that could bring SPX down to the 50-day moving average at 1858.47 in a hurry.

Things are heating up in Eastern Europe and may get uglier later today.

USD/JPY is down from 102.50 yesterday to 101.96 this morning, draining the liquidity tank for the buyers. The likelihood of a momentum rush into stocks appears to be nil.

The Hi-Lo index is down again. I’d like to see it close beneath its previous low at 29.00 to confirm the sell signal.

VIX is at 14.21. The top of the entire resistance cluster is at 14.63. A rally above that level also confirms the change in trend.

NDX hasn’t had its breakdown yet. A decline beneath 3552.93 would be additional confirmation that the trend has changed, at least for the short-term.

I’ll be on Yorba Radio later today. My next report will be the content of my blog post on that site.

Regards,

Tony

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