SPX Premarket has eased down, but not impulsively. This suggests another probe higher at the open. The estimated target may be between 2000.00 and 2004.00.

ZeroHedge reports, “The best headline to summarize what happened in the early part of the overnight session was the following from Bloomberg: "Asian stocks extend global rally on stimulus bets."

As of yesterday’s close, the rally has consumed 29 hours, just shy of 4.3 days. This suggests the turn may come in the first hour of trading. Today is the 43rd day (a strong Pivot day) from the August 24 low. This appears to have the potential for a stronger reversal than at the September 17 high.

The Cycles Model suggests a 18 calendar day or 12.9 market day decline to October 23. Columbus Day is on October 12.

VIX may be very near its low for this correction. VIX futures have started to rise in overnight trading, so the reversal may already be happening.

TNX appears to have started its turn as well. The rate of decline isn’t enough to confirm a reversal, yet. There may be one more probe higher as it completes Micro Wave c.

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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