SPX appears to have completed its retracement a little shy of Short-term resistance at 2162.30. The retracement was 45%, less than the 50% that I had suggested. The time elapsed for the round trip from top-to-top was 17 hours. This may set the tone for the next decline, as well. Investors should be at least 50% short at this time.

ZeroHedge opines, “For the first time since 2014, the S&P 500 has exceeded the average year-end forecast by Wall Street strategists... suggesting either this isas good as it gets, or some upward adjustments to analyst guesses is overdue...”

VIX came off its low without overlapping. That clears the way for a probe to the 50-day Moving Average at 15.32. It appears that Wave [i] of 3 is not yet complete. The next wave may be an extended one.

TNX may have completed its retracement short of the trendline at 15.75. This verifies the Wave structure in TNX. The Cycles Model suggests that the decline may extend through the last week of August.

Regards,

Tony

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