The cycle high window on SPX opened yesterday and the centre of that window is Monday 22nd August. Stan and I are expecting the swing high in the first half of the window. SPX has made a new all time high at 2191 this morning and may need to go higher. We’re thinking max 2215 area, but there’s no actual need to go any higher than 2191. We’ll see.
SPX daily chart:
SPX 60min chart:
SPX 15min chart:
I’d note that a 4% retracement from this morning’s high would be a retest of the 2100 area. I’d be looking lower but that might be all that we see.