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Market Oracle FREE Newsletter

Urgent Stock Market Message

SPX in Throw-over

Stock-Markets / Stock Market 2017 Nov 29, 2017 - 12:39 PM GMT

By: Anthony_Cherniawski


SPX made a throw-over of its Ending Diagonal formation starting on February 12, 2016. A reversal back inside the Diagonal tells us the rally is over. All indices participated in this rally, which suggests this may be the final blow-off. The initial decline [Wave (1)] will usually go to the Daily Cycle Bottom at 2306.25. It is due during the week of 12-11. A very likely scenario may be an 8.6 day decline ending on mid-day December 11.

However, should this turn into a panic decline, all bets are off.

VIX behaved well today, considering the new all-time highs in equities. It shows accumulation (hedging) may be taking place. It is very close to a buy signal.

Today appears to be a reversal day for TNX. After probing, but not exceeding, the prior low it rallied to close above the 50-day Moving Average at 23.35. It may continue higher, confounding analysts and the Risk Parity Models that may be whipsawed by a strong decline in bonds alongside equities in decline.

I have an early appointment tomorrow and won’t be available for a premarket commentary.



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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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