Trend is Down

Yesterday we reported the beginning of a new wave down starting at 12:00 noon (Thursday).

Today's action support yesterday's prediction of a top of 1,592 on $SPX. Our short term indicators and quantitative wave analysis signal down.

Today's drop was led by small caps, then tech, then SPX and $DOW closed positive (flight to quality). To this end, bonds did very well today, further pointing that money is moving away from risky assets (small caps) and into large cap and fixed income.

Next short term target is 1,560.