SPX futures are mildly positive this morning. In addition, the quarter end and the Cycles Model are positive for at least another day. That suggests Wave [c] may complete near the Cycle Top today in an expanded flat correction, dominated by a very long Wave [b].

The Summer quarter end is usually positive. As mentioned earlier, early short entries are usually subject to draw-downs. The VIX and Hi-Lo have not made sell signals, yet. Thus, only partial positions have been recommended. That will change very soon.

NDX futures are down this morning, suggesting an irregular correction may be in order. It may get another burst of energy to rally to the mid-Cycle resistance at 5776.91. The Pattern is bearish, but unpredictable at this point.

VIX futures are down, but not inordinately so. A final probe lower appears to be in order, but not likely to go beneath the Wave 2 low.

USD futures have made a new low at 95.43 this morning. There may be a bounce to retest the Cycle Bottom at 95.93, but the damage has already been done.

USD/JPY may have peaked, due to the Yen making a corrective low. As the Yen begins to rally again we will see a major source of liquidity dry up again.

I will be unavailable for comments most of the day today.

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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