SPX has now declined beneath all visible supports after testing the 2-hour Cycle Bottom. SPX has been coiling since the beginning of November. It now appears that SPX is completing its first impulsive (5-wave) decline. If you draw a trendline from 1074.00 (October 4, 2011) to August 24, 2015 at 1867.01, we may find support at that trendline near 1970.00.

ZeroHedge reports, “There is a saying that as January goes, so goes the full year market. But what about just the first day of January?

Courtesy of Reuters' Jamie McGeever, here is a quick snapshot of the worst opening days for the US stock market in the past century.

As of this moment, the S&P is down just about 2.4%. If the market closes here, that would make it a worse first day of trading than in such "dramatic" years as 2008 and 1933.”

VIX is moving higher and is likely to shoot for the daily Cycle Top at 26.65.

The NYSE Hi-Lo is now on a confirmed sell signal, having declined beneath its 50-day Moving Average at -64.94 and the mid-Cycle support/resistance at 72.42.

Now all of the indicators are lined up for the decline that may take two more weeks to complete.

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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