SPX has exceeded its 61.8% Fib retracement and may be headed for the hourly Cycle Top at 2391.50. It is overbought to an extreme and may reverse at any time.

USD futures have sold off and are now on a sell signal.

USD/JPY has also sold off and may signal the end of the Yen carry trade for the time being.

The implication is that liquidity has just taken a nosedive.

VIX got pounded to offset the diminishing liquidity. The algos took it over from there….

TNX declined to fill its gap, leaving all the Treasury shorts out to dry.

The Hi-Lo shot up beyond the buy/sell resistance. The sell signal is negated…for now.

Let’s see if the dust clears in the overnight markets.

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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