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Stock Market Breakdown

Stock-Markets / Stock Markets 2015 Nov 12, 2015 - 05:39 PM GMT

By: Anthony_Cherniawski

Stock-Markets

Good Morning!

My start this morning was delayed due to a late work night and early morning dentist’s appointment. I have more activities planned for the day, so my reportage may be spotty.

However, there is good news for our bearish positions this morning. SPX broke down as anticipated with a 2.5 point gap which suggests that selling pressure overwhelmed the always bullish HFTs this morning.


There are two probable scenarios today. The first is that there may be a bounce without much more ado. I estimate the bounce to go as high as 2100.00 (a little over the 61.8% retracement) before rolling over again.

The second scenario suggests an extended third wave hare that may decline to mid-cycle support at 2031.60 or the 50-day Moving Average at 2002.98. This opens the probability of a decline to the trendline at 1880 in Wave 1.

VIX broke above its prior high and week-long trading range, renewing the buy signal for VIX. I would like to see it put some distance between it and mid-Cycle support at 16.29.

The Hi-Lo Index is back on a sell signal. This is the clearest it’s been for a while.

TNX is declining. USB/UST are rising from their Master Cycle lows on Tuesday, as previously discussed. This bolsters our observation that money flows may now support a serious multi-week decline.

All the best,

Regards,

Tony

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Anthony M. Cherniawski, President and CIO http://www.thepracticalinvestor.com

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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