It is currently resting just beneath its Daily mid-Cycle resistance at 1915.31. That is likely to be the final resistance to this retracement since it is just beneath the 50% Fibonacci retracement level at 1919.96.

Can it go higher? It’s possible, but not likely, since it is in a high resistance zone and has 11-13 days to complete the current Panic Cycle by November 5-6.

So, we may see a reversal as early as the first hour of trading.

Gold, Treasury Bonds, High Yield and Crude are all heading lower this morning.

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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