SPX exceeded its 50-day Moving Average, but is very close to its 61.8% Fibonacci retracement at 2453.08. This is yet another “sell the rally” opportunity.

Tomorrow appears to be our expected turn date, according to the Cycles Model.

VIX has made a very deep 94.5% retracement of its last rally off Wave (2). It may be held at the Short-term support at 11.51. Tomorrow is also the next turn date for VIX. It remains on a buy.

The NYSE Hi-Lo Index is in the caution zone, but still beneath the 50-day Moving Average at 64.03. Still, today’s reading represents less than 1.5% of the NYSE stocks. Participation is very thin.

Regards,

Tony

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As a State Registered Investment Advisor, The Practical Investor (TPI) manages private client investment portfolios using a proprietary investment strategy created by Chief Investment Officer Tony Cherniawski. Throughout 2000-01, when many investors felt the pain of double digit market losses, TPI successfully navigated the choppy investment waters, creating a profit for our private investment clients. With a focus on preserving assets and capitalizing on opportunities, TPI clients benefited greatly from the TPI strategies, allowing them to stay on track with their life goals.

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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