SPX is doing a final retest of the 50-day Moving Average before dropping off its ledge. The decline may begin yet this afternoon, so I hope y’all are short, or doubly so. This is bear country for SPX.

NDX is revisiting Intermediate-term resistance at 4051.94. Thereafter, the 50-day gets the challenge. I do not expect a very large retest of the 50-day once NDX is below it, but we’ll have to see what develops.

MUT bounced from its 50-day Moving Average, but has completed an impulse off the top today, so I don’t expect it to stay elevated much longer. You will notice that MUT also has a Broadening formation at the Wave [ii] high, but it is irregular enough that the larger Broadening Top will suffice.

VIX appears to be starting the launch of Wave (iii) of [iii] of 3 of (3) as of Monday. The rally is going into its panic phase and appears capable of rallying through November 5. This is huge. Owning a (long) VIX ETF is highly recommended.

Tony

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