SPX closed precisely at the trendline of its Broadening (bearish) Flag formation. The rally from February 11 to the top took almost exactly 86 hours. This was no coincidence.

This would be considered a Primary Cycle in hours. Primary Cycles are often described in superlatives. Unfortunately, my Cycles Model works in days and I have to do the additional calculation for the hours.

The SPX Premarket is down this morning. I don’t expect a lot of fireworks today because a reversal must be made before a significant decline can begin. I’ll be back later today to furnish more guidance.

TNX appears to have peaked this morning. That is also a good sign.

USD has had a volatility spike this morning which may also be a prelude to a reversal. A drop below 98.30 may signify that the decline has begun. USD/JPY appears to have made its reversal, taking away the punchbowl from the party.

My wife and I both came down with the flu yesterday, just in time for a major snowstorm to hit us. Since I have the snow removal duties, I will be away from my desk for several hours.

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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