SPX has been challenging Intermediate-term resistance at 2085.96 this afternoon, but it appears that the high of 2086.99 made at 1:30 may have been it. Sunday was a strong double pivot day, but it took until early afternoon today to put it in. SPX has crisscrossed the 50-day Moving Average 8 times since early March. In the process, it has left a formidable array of bearish chart patterns. There are 13 market days until the expected low in this Cycle.

SPX remains on an aggressive sell signal. However, I expect that to change in the next 24 hours.

The NDX is showing a similar number of bearish chart patterns, although it crisscrossed the 50-day Moving Average only 4 times...

VIX remained unimpressed by today’s large move in SPX. It appears ready to break above its hourly Cycle Top in very short order. It appears that the correction was a double zigzag. That suggests the Wave pattern may be a [a] – [b] instead of [i] – [ii]. We’ll monitor it to see which is correct.

Regards,

Tony

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