TREND IS DOWN

We assume that the recent high of 1,573.66 will hold (unless otherwise proven) and that the market will exhibit impulsive waves down along with corrections upwards. Today was a "corrective" day.

To this end, $TNX broke below the 1.80 support (holding since the beginning of January), a finding that corroborates with our observations on $SPX. This means that bonds will increase in value.

As the market unfolds we will be able in the near future to discern its intermediate direction as well as begin to make predictions for $SPX targets.