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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:
Crude oil’s strength has been contained (so far, at least) by our friendly local Fibonacci line whose level is $45.14. The high for this session for crude oil………$45.15. If it holds, cue spooky music. If it’s breached, cue eye-rolling. UPDATE! Cue eye-rolling. We’ve breached the level. It’s no-man’s-land at this point.
Further to my post of August 2nd, and as of today’s (Friday’s) close, the SPX:VIX ratio, has now stepped into unknown territory, while Momentum continues its unparalleled parabolic rise, as shown on the following 20-Year Monthly chart below.
