Today was the 8th day in the 8.6 day cycle count. We said last week after the S&P held 1890 and reversed to close higher on the day with a intraday bottoming tail that the path of least resistance was now for a 8 day move into the 200 day moving average (currently 2015 in e-minis) and possibly to complete a full Pi cycle up to 2035.
So coming just shy of 200 day mov avg, from here if price does indeed fail tomorrow and take out today’s low of 1984.50, we will aggressively short the S&P with a stop above today’s high of 2005. If such a scenario does play out, a 50% retrace back to the 30 day mov avg toward 1930 is very possible. See the below chart for a look at the current cycling around the 8.6 unit frequency.