The Premarket has the SPX at the hourly Cycle Top resistance at 2071.62 this morning. If today’s Pivot is effective, we should see the SPX decline soon after the open. The Wave relationships suggest that SPX may top out at 2075.00, should Cycle Top resistance give way for a brief time.

Last night’s analysis of the VIX remains current. I just hadn’t enough information on the SPX to make the analysis until this morning.

I’ll also be watching the NYSE Hi-Lo today.

TNX may need to test mid-Cycle support at 23.30 before reversing higher. The alternate view is that TNX may perform a double zigzag fake-out correction to its Cycle Bottom support at 22.78 before moving higher. The “squeeze” of the trading bands suggest a powerful move thereafter. Usually the index will attempt to touch the opposite band before moving in the correct direction.

This appears to be shaping up to be a powerful move to the upside. A probable target may be in the range of 45.00.

Regards,

Tony

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