The SPX Premarket is testing the lower trendline of the lesser Broadening Top formation at 1957.00 as I write. Once this is broken, there is no further support until we arrive at the 200-day Moving Average at 1902.00. This may be our target for the next 24 hours.

NDX is now beneath its 50-day Moving Average at 4015.54. The next support is the lower trendline of its Orthodox Broadening Top at 3982.00, which triggers the formation and further decline.

The next target is the 200-day Moving Average at 3752.39.

The Russell 2000 may have broken its Broadening Wedge formation this morning, implying another 20% decline from here.

TNX is completing a deep retracement, encouraging long bond investors hoping for a breakout. The imminent reversal (due today) may be quite a surprise.

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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