A new high has been made. My best analysis suggests that it is a Wave [c] that is not yet finished. Wave Equality calculations at the minute [] level suggest it may end at 2415.05. At the Minor level, Wave equality may reach as high as 2437.41. The 2-hour Cycle Top is currently at 2412.07, suggesting the lower level may suffice.

In any event, a cross beneath the 50-day Moving Average at 2368.99 may give us a sell signal.

ZeroHedge observes, “Nothing says buying panic like a "constitutional crisis" in America, crashing US 'soft' economic data, the world's largest cyberattack ever, a slowing Chinese economy, and a higher VIX...

S&P 500 tops 2400 once again...”

VIX persists in the black today despite the new high in SPX. That may be a good sign that the decline in VIX is over. It needs one more probe higher ( possibly to the 50-day Moving Average) to complete a clear impulse from the low. A suggestion would be to buy on the pullback from that probe.

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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