SPX Premarket is drifting lower as I write. It seems to be held momentarily at Cycle Bottom support at 1967.22. Once it breaks, the selling floodgates are opened, IMO.

ZeroHedge reports that equity futures are failing despite an onslaught of bad news from Europe.

Japan is stunned by the biggest “fat finger” ever as $617 Billion in trades were cancelled. Frankly, it appears that some large investor became very nervous and wanted out, but the regulators just cannot let it happen. There is more to this story than we are seeing.

VIX is challenging its high at 17.08 in the morning futures, but may be up against daily Cycle Top resistance at 17.38. If so, there could be another pullback to the Head 7 Shoulders neckline (worst case) before the next probe higher.

TNX broke through its 50-day Moving Average as it appears to be making its Master Cycle low closer to its Cycle Bottom support at 24.30. However, the Wave 1 high was 24.44. Generally we don’t want to see overlap between Waves 1 and 4,, so this will take closer scrutiny to see whether this happens and how it may change the outlook.

Tony

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