SPX appears to be on its way to the 50-day Moving Average at 2149.76. However, the trigger point for a confirmed sell may be the Broadening Top trendline and previous bottom at 2160.39 for a confirmed sell signal. In fact, the confirmation may have been at the failed bounce after the decline to 2160.39. In any event, the SPX still has a distance to go. The floodgates of selling may open beneath the 50-day M.A., so it may be good to be ahead of the crowd.

ZeroHedge reports that the Dos and S&P dropped into the red for August.

VIX is above its 50-day Moving Average at 13.86 and on a confirmed sell. It also appears to have already challenged its Cycle Top resistance at 14.03 and appears likely to close above it.

The NYSE Hi-Lo is still above its mid-Cycle support at 34.08. So far, its seems to be a support, but I will be looking at that as a final (belated) confirmation.

Regards,

Tony

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