Today is a Stock Market Daily Turn Date

By: Anthony_Cherniawski

While SPX hasn’t broken out above 2154.79 in the Premarket, there is a threat of a final probe to the 50-day Moving Average at 2161.11 that may turn the double zigzag (w-x-y) into an a-b-c formation, which is more appropriate for a Wave 2. That appears to be the pattern in the futures, although the futures and cash markets don’t necessarily have to agree in pattern.

In any event, should that be the case, the next turning point may be at or near 10:24 am (77.4 hours). Should it linger near the top beyond that interval, the following hourly Cyclical turn may occur near 2:42 pm (81.7 hours). The reason I give that information is because today is a daily turn date. It is day 43 from the September 12 low and the probable end of a small period of strength in the Cycle pattern.

This is a good setup for a panic Cycle decline. While the more famous panics occurred in 4.3 days, there are others that have happened in as few as 3 days. The 1997 October panic comes to mind.

TNX is marginally higher, but may be near its upper limit for a retracement. Watch this index for a sudden change, which may be apparent here before it is recognizable in the SPX.

Regards,

Tony

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