SPX has challenged its hourly mid-Cycle resistance at 2078.02 and pulled back. It has now completed 94 hours at 1100 hours from the April 20 high at 2111.04. An interesting Cycle measure comes up here. It is 3.1416 X 30 hours = 94.25 hours. This suggests the rally may be over at or near 1115 hours. The European market closes at 1130, so there may be some linkage between markets.

VIX appears to have completed its retracement. This brings the Wave structure back in line with SPX, although a little oddly proportioned.

TNX is flat-lined at the moment, which doesn’t hurt our probability of a reversal very soon.

Regards,

Tony

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