SPX has broken beneath previous lows, giving another confirmed sell signal. I had expected an attempt at the highs late this afternoon, but liquidity is the lowest ever in the futures markets for a FOMC day. This morning’s Minute Wave [ii] top may actually be the Primary Cycle pivot.

The Hi-Lo index has been absolutely useless this time around, having made a new high. The powers that be are still running the shorts on the most unloved stocks, while the rest are declining.

The Hi-Lo can be cantankerous at times, but this is the worst case of “being late for dinner” I have ever seen. I have added the Hi-Lo as an added safeguard against jumping the gun, but this is obviously being gamed.

I expect to see the sell signal fully confirmed by the Hi-Lo in the next day or no later than Monday, but it appears that the damage has been done. At least for now I am fully short and expect you to be the same.

Regards,

Tony

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