Let’s start the day by analyzing the cycle trends and their strengths. This will give us a good understanding of today.
M15
Slowest Cycle: Bullish - Strong - Flat trend
Slow Cycle: Bearish - Strong - Flat trend
Fast Cycle: Bearish - Weak - Up trend
Fastest Cycle: Bearish - Strong - Downtrend
M5
Slowest Cycle: Cross - Weak - Downtrend
Slow Cycle: Bearish - Strong- Up trend
Fast Cycle: Bearish - Strong - Downtrend
M1
Slowest Cycle: Bearish - Strong - Flat trend
Slow Cycle: Bearish - Weak - Flat trend
S15
Slowest Cycle: Bearish - Strong - Flat trend
Slow Cycle: Bearish - Strong - Flat trend
From the cycle point of view, we are in a bear cycle for the most part today. However, the bullish strength isn’t completely gone. We have some gaps to the upside around $471.40 that I will be keeping my eyes on. If the sliding continues, we could see SPY break $467.20 and then $465.70
Given the stopping volume we saw at the start of the day, we should see some bullish action today. Also on M1, we have the cycle lines converging, this indicates a bit of volatility for today.
Thanks for the boost yesterday! Keep em coming because it motivates me to give more to this community. Follow and check back for my intraday updates.