SPX has completed a small impulse down and has made a 29.3% correction so far. It may go as far as 2086.54 (50%) or to 2088.20 (61.8% retracement) before it is over. However, the institutional investors may be coming in and if they start selling, SPX may be on its way to Intermediate-term support at 2053.01 or even the 50-day Moving Average at 2028.51 by tomorrow. The odds favor adding an additional layer of short positions at this time.

USD/JPY pulled back from a new low at 118.86, but it appears that the retracement may be over. The Yen carry trade is starting to unwind.

While the Hi-Lo has given mixed signals, at best, the VIX has broken above both levels mentioned earlier today. It has given the SPX sell signal, even if its pulls back. The Hi-Lo signal may be confirmed tomorrow, since it had the breakdown earlier today.

Respectfully,

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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