Daily Index Cycle update

The main indexes all closed lower, with the sp -15pts @ 1678. The close below the 50 day MA is especially bearish, and the price action was arguably the most bearish we have seen since June. The VIX confirmed the increasingly unstable market, with a close in the mid 17s.


sp'daily5

Dow

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Summary

So...today we had the first decent bit of downside power in the current down wave - from the sp'1729 FOMC high.

The close under the 50 day MA is important, but most important of all..we saw the 1674.99 low decisively taken out.

As for Friday? Suffice to say, I'm looking for much lower levels, the 1660/50s look viable tomorrow, with a bigger target of 1630/20s next week.

a little more later...