SPX Premarket is higher in a minute-retracement at 8:45, but may not survive until the open. Caterpillar shares tumbled as its revenues plunge 19%. There is a blitz of earnings reports today and it is difficult to say how it may close.

Will bad news finally be bad news?

TNX spiked briefly to its Short-term resistance at 20.48 before settling down near yesterday’s close. We may see yields continue to decline as the day progresses. This Master Cycle from the October 2 low is left-translated and bearish. The Cycles Model suggests a continued decline through November 3-4.

TNX continues on its sell signal.

USD punched up to 96.02 in the morning futures, overcoming the 50-day Moving Average at 95.56 and challenging the mid-Cycle resistance and upper Diamond trendline at 96.24. A breakout would be bullish to the extreme since the target may be as high at 140.00.

Of course, the buy signal in the USD is now confirmed.

Gold fell through its mid-Cycle support at 166.51 and has made a low of 1162.90 in the futures this morning. It is now on a sell signal.

All the best,

Regards,

Tony

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