SPX appears to have completed its Micro-Wave b at the trendline and now may be ascending to the final high. The Cycle top is now at 2375.46, so we may reasonably assume that SPX may go at least that high. The upper trendline is likely to be about 10 points higher, should it choose to go there. This rally is taking a long time to roll out.

2355.00 is now the “breakdown point” for the SPX.

VIX spiked above the 50-day Moving Average this morning, but has retired back beneath it in the afternoon.

ZeroHedge asks, “How much longer can this hope-filled balloon be held under water?”

TNX ix lower today, showing an increased money flow into the long Bond. Today’s 7-year treasury note auction met with a mediocre demand, however.

The NYSE Hi-Lo Index still shows heavy purchasing, especially in the ETF arena. We usually don’t see this type of Hi-Lo participation unless whole baskets of stocks are being bought.

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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