SPX made a higher high at 2:50 pm at 2079.74,, just two points higher than this morning’s high. The only discernible entry (aggressive) likely today would be a cross of the Cycle Top at 2068.92.

Unfortunately, this means that a very fast and severe decline may be likely once SPX crosses 2040.00, triggering its Orthodox Broadening Top for a potential target near 1600.00. Today appears to be point 7 in the formation and point 8 is the crash low. Should you chance it today or not, is up to you.

VIX also appears to have made its reversal low this morning and is hovering in positive territory going into the close. There may be some effort to slam the VIX, but it may not be necessary after today’s action.

All the best,

Regards,

Tony

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As a State Registered Investment Advisor, The Practical Investor (TPI) manages private client investment portfolios using a proprietary investment strategy created by Chief Investment Officer Tony Cherniawski. Throughout 2000-01, when many investors felt the pain of double digit market losses, TPI successfully navigated the choppy investment waters, creating a profit for our private investment clients. With a focus on preserving assets and capitalizing on opportunities, TPI clients benefited greatly from the TPI strategies, allowing them to stay on track with their life goals

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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