We've been flagging August 8, 2018 as a possible big cycle turning point for over a month now.

In concert with this potential time frame, we noted a possible square-out on the SPX yesterday as August 7/8 ‘points to' 2863.

The SPX spiked up to 2863 and sat there all day tailing off and leaving a little Lizard sell signal…a new 10 day Topping Tail.

(click here to enlarge)

Two technical possibilities we are watching now to confirm the idea of this turning point:

1)  Price knifes below the July 25th high and sticks.
2)  A turn down in the 3 Day Chart that does not define a low.

Both events could see accelerated momentum to the downside.