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Stocks Are Showing Weakness

Stock-Markets / Stock Market 2017 Sep 26, 2017 - 11:52 AM GMT

By: Anthony_Cherniawski

Stock-Markets

SPX still doesn’t have a completed impulse, but appears unable to make a credible bounce, either. The final hour may give us guidance. So far there is no overlap with Wave (I at 2496.67), so there is still a good probability of a completed impulse by the end of the day or in the overnight market.

His weekend had a strong triple Pivot in the Cycles Model that may indicate the strength of the rally has been played out. If so, we should see the decline continue. The next support is the 50-day Moving Average and mid-Cycle support at 2468.00-2469.00.


A partial short position may be layered in at the bounce.

The VIX appears to have complete its impulse and is now hovering just beneath the 50-day Moving Average at 10.87. Should it break out above the 50-day and Short-term resistance at 10.91, we would have an aggressive sell signal in SPX. Thus far we have seen a mere 43% retracement. A 61.8% retracement would go beneath 10.20.

I am concerned for what may happen in the overnight markets, so you may wish to have a partial short position by the end of the day if this doesn’t resolve to the downside, as well.

NDX continues to make new lows. There seems to be no strength to bounce. I suggest that NDX traders should stay 100% short at this time or complete your short positions at any bounce.

The overnight market may surprise in either direction, so be prepared for that eventuality.

Should there be a bounce, a likely target may be a retest of the 50-day Moving Average.

A continued decline may take the NDX to or beneath its Cycle Bottom support at 5776.17.

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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