Minute Wave [c] now appears to be complete at the top of its trend channel. In Cycle measure, the Minor Wave 1 decline took 60 hours to its 1911.45 low, while Minor Wave 2 has taken 56 (55.9) hours. We’ll have a better indication of the completeness of the retracement after SPX declines beneath its 50-day Moving Average at 1958.72 and the bottom trendline of its trading channel at 1948.00.

NDX is challenging its Cycle Top resistance at 4012.88. Once it slips back beneath it, we may see the index begin its decline.

VIX appears to be completing its Minute Wave [ii] decline and may also be ready for a reversal. The sell signal is reinstated above mid-Cycle resistance at 14.20, with confirmation at the breakout above its previous high at 14.94.

The Hi-Lo index remains on a sell signal beneath its mid-Cycle resistance at 217.20. Market breadth had its best showing on Friday, while this morning’s breadth has actually weakened.

MUT is challenging mid-Cycle resistance at 141.50, which is the usual Cycle Top for a Minor Wave 2. The 50-day Moving Average is at 141.41. A cross beneath that and the trendline at 141.35 may reinstate its downward path.

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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