ZeroHedge comments, “"Soft" survey data from ISM appears to have trumped "hard" data from construction spending and factory orders, juicing expectations for a rate-hike in November to around 30% - the highest since The Fed began its so-called normalization cycle. The USD Index and bond yields are jumping on the news, stocks are unclear, and silver and gold are slipping further.

Remember - The Fed keeps telling everyone that November is Live!!”

That suggests USB may have hit its low at 165.30 this morning, just above its trendline. Remember, the futures prices will not exactly match the cash prices reported at the end of the day, so I will fill in the details in the Mid-Week Report scheduled after the close.

In the meantime, USD appears to have made its reversal pattern and may proceed with its decline in Wave C.

SPX has bounced up to the 2-hour mid-Cycle resistance and may now be due for its decline. It has been coiling here, seemingly waiting for something to spring the trap. Whatever it is may be sudden and severe. The Brexit low at 1991.68 appears to be the next level of support.

Regards,

Tony

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