The SPX Premarket appears to be challenging the Triangle formation and the two-hour mid-cycle resistance at 2146.56 in a double zigzag pattern. This may explain the overlapping, corrective structure of the retracement of the decline between October 10 – 13.

The opening hour is number 69, a pivot hour, in the current Cycle starting on October 10 and the end of a period of strength in the Cycle beginning September 22. This is hourly Cycles that we are talking about. Tomorrow is also calendar day 43 from the September 12 low. So we may be running out of both hourly and daily strength in the next 24 hours.

The Premarket can be moved with the lightest of volume, so this may not be a move that can follow through.

There’s not much more to say at the moment. TNX is down, suggesting money flows also into treasuries. This may be an early indicator of where the money is really flowing.

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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