SPX appears to have made a 78.6% retracement of its decline from May 20 to August 24. Here are some points of interest. It will have re-entered its trading band at 2063.98 and closed this morning’s gap up beneath 2050.00. These would be considered aggressive short entries. The lower trendline of the small Diagonal formation is at 2030.00 at present.

VIX (daily) mid-Cycle resistance is at 16.31, while a minor breakout may occur above the prior high at 16.70, giving VIX its buy signal.

Today’s surge closed an open gap at 20.90 in TNX. It doesn’t appear to have a need to go higher. The decline may resume as SPX accelerates its decline.

All the best,

Regards,

Tony

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