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SPX Makes its Final Probe?

Stock-Markets / Stock Market 2017 Jan 26, 2017 - 11:31 AM GMT

By: Anthony_Cherniawski

Stock-Markets

SPX has spent 54 market days (83 calendar days) from its November 3 low. It appears that Wave [c] is impulsive and Wave [c] equals Wave [a] at 2305.50, so we have near equality in the final probe to the top.

This is a typical zigzag formation that I hope we have seen the last of. There is no short entry above the Cycle Top and trendline at 2291.27.


ZeroHedge comments, “The trend in 'actual' earnings has been dismal.. but the trend in 'hope' has been exceptional. Will hope prove right?

The gap between 'history' and 'hope' is now almost 400 S&P points (and almost 5,000 Dow points) - With VIX heading towards single-digits, the market seems very sure that earnings will realize the 'hope' in a straight line.”

We have heard virtually nothing about earnings in the past two weeks.

VIX is now at its lowest point since July 3, 2014, more than 2.5 years ago. Did you know that the VIX was not traded for 40 minutes today? It shows quite clearly in the hourly chart. Someone was interested in getting the maximum out of this rally in stocks.

TNX went higher along with stocks. This move is beginning to look more like a correction than a Wave 5. It appears to be complete, or nearly so. We may look for the beginning of the next decline in yields.

ZeroHedge reports, “In what was almost a carbon copy replica of yesterday's 2 Year Treasury auction, moments ago the Treasury sold $34 billion in 5 Year paper, with rates all comfortably positive in the repo market, which explains why the 1.988% high yield once again tailed the When Issued of 1.976%. The tail of 1.2bps was the biggest since last July.”

More to come in the Mid-Week Report.

Regards,

Tony

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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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