The Lord’s Prayer
Our Father, who art in heaven, hallowed be thy name. Thy Kingdom come, Thy Will be done, on earth as it is in heaven. Give us this day our daily bread and forgive us our trespasses, as we forgive those who trespass against us. And lead us not into temptation, but deliver us from evil. Amen
9:00 am
Good Morning! I am doing an abbreviated session this morning.
SPX futures have declined to 6841.00 thus far. The next support may be at 6800.00 for a bounce. However, the ideal would be to reach the neckline at 6770.00 before bouncing. The Cycles Model shows a possible Master Cycle low by mid-March. The Head & Shoulders formation may dictate a possible target once the neckline is broken.
ZeroHedge reports, “The rollercoaster continues: US equity futures are in the red again, trading near session lows, and set to extend Thursday’s losses with as stocks underperform after yesterday’s spectacular plunge in the momentum trade as NVDA’s post record-breaking earnings/guidance plunge spooked markets that nothing is resolved about where AI goes next.”
VIX rose to 21.74 this morning, challenging the Cycle Top resistance at 21.61, then pulled back to the trendline at 20.50. A breakthrough may solidify its gains and allow a higher rally. The Cycles Model allows increased volatility until early April, while it shows a declining SPX to mid-March.
TNX continues its decline toward the terminus of Wave (E) and the Master Cycle low. The Cycles Model shows that TNX may be entering its reversal window in the next week. A possible target may be the Cycle Bottom at 39.32.
11:19 am
BKX is testing its Diagonal trendline at 157.00. The Cycles Model allows another 6 weeks of potential decline. Supports may be found near the Cyclle Bottom at 128.97, then at the April 7 low at 99.66.