TNX is racing to challenge Short-term resistance at 22.83 this morning. I had not reported on TNX yesterday, since it had only made three waves from its low and closed at hourly Cycle Bottom resistance at 22.15. This morning the reversal is clear and the Cycles Model verifies it. It also suggests that the rally may continue through mid-December, once a pullback to the Cycle Bottom is made. Those who are long treasuries may find a more comfortable exit there, while those wishing to short treasuries may find a better entry point at the Cycle Bottom.

USD just broke above the 88.51 high in the futures this morning. This rally may last at least another week as money fleeing stocks, bonds and commodities seek a haven for their proceeds. A crowded trade, indeed!

SPX has not been able to make a new high this morning. It may give way to lower lows very soon.

Regards,

Tony

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