SPX is challenging its 2-hour Cycle Top at 2296.60. This move is corrective and appears to be a retracement with the added feature of filling the gap left on January 30. Wave 2 reversals often come off the Cycle Top resistance, so this is not abnormal. This is the 43rd hour from the 2300.99 top. It strongly suggests a reversal may ensue thin the current hour.

The USD futures have plummeted back down to their lower range. That may have the added incentive for foreign holders of SPX to sell.

The VIX is lower, but within a normal retracement range after its Key Reversal on Wednesday.

Regards,

Tony

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