SPX futures are flat. We are seeing the calm before the storm. Yesterday was a Primary Pivot which may account for the top being made. Another Primary Pivot occurs on Thursday. The second Pivot in a week may direct us to the catalyst for the decline to begin.

ZeroHedge reports, “While global markets remain largely a sea of green, ignoring the threat of a trade war between the US and the rest of the world which remains a non-event for now (for reasons discussed overnight), the move higher has been more muted overnight, and even as European and Asian stocks extended Monday's gains and U.S. futures pointed to a higher open, some familiar risks have re-emerged.”

VIX futures are at the bottom of their range, nearly reaching the May 25 low at 12.29. Should it stay above that level, this is indicative of a Wave 2.

TNX is backing away from yesterday’s high, but remains above Short-term support at 29.09. We’ll be watching for a decline and close beneath that level to confirm the resumption of the decline.

I’ll be putting more on the blog.

Regards,

Tony

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