SPX has declined through Short-term support, 2-hour mid-Cycle support and hourly mid-Cycle support to give it a sell signal again. Further confirmation may come beneath the 200-day Moving Average at 2064.56.

My new Wave count appears not to be valid. This market has whip-sawed the best and I am not exempt. However, the support/resistance levels still play an important role in determining the market direction.

VIX is back on a confirmed SP sell signal, having moved above the daily mid-Cycle resistance at 16.46.

The market internals are falling apart as the Hi-Lo Index makes new lows not seen since the end of October. it has been on a confirmed sell signal since Thursday and saw no improvement during Friday’s rally.

TNX aborted what appeared to be a potential rally to the Cycle Top. It is now beneath Intermediate-term support at 22.55 and is on a potential aggressive sell signal.

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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