Still Neutral

Active SPX signal: None
Hourly trend: Up with support at 1070.45. Support was breached by pennies today but the system looks for a 1+ pt break and/or a close beyond support on a 15-minute basis. Neither happened, so support held.
Daily trend: Neutral since the 20dSMA was touched and SPX is in test mode
Profit targets: No active signal
Trailing stop: No active signal
Last signal: Draw. Sell signal at 1030 on 7/6. 1/3 profit taken at 1019 by rule. Closed flat at 1035 on 7/7 by rule.

System Notes:
Dow tested its 20dSMA Thursday, SPX on Friday and Nasdaq today. The market has grinded higher to allow that to happen while price movement, volume and RSI have slowed. There have been no .5%+ gaps since the 20dSMA tests started. Today would normally be considered the Marker Day but the Dow's earlier 20dSMA test made me lean towards Friday being the Marker day. Even if we handled it that way, SPX closed less than 1 pt above Friday's high today. The system has not been backtested much against this scenario, so I'm leaving the system neutral which is how it would be anyway if I ignored the Dow.


Opinion:
Not much to add today. USD did break out of the down wedge that had formed and is still tracking my count. Wave 3 of 3 up probably started although I showed last night that SPX can actually rally some during the 1-2 portion of that Wave 3 of 3. RSI, price, time and system have not yet confirmed an SPX uptrend. Although a lower-degree wave 2's RSI is allowed to slightly surpass a higher degree wave 2's RSI, that has not even happened yet. Price has not yet reached the strong 1090-1110 resistance area. Time has reached the extent of what I wanted to see with a Monday top. However, that is based on a number of assumptions about wave time symmetry and a Tuesday top would not be a huge stretch although I think it means any downfall will need to be sharper to make up for lost time. The system is looking for a large gap or a close beyond 1070/1081 to call a trend, although any upside would likely be limited s/t by 1090-1110. Futures look positive tonight, and a 2-3 day wedge looks like it could use one more pop, so we may end up approaching the 1090 area. But, whether that happens or not, I expect a decent retrace to one of the support levels that have been building (1070, 1058, 1040) before a decision is made by Mr. Market.

I won't be able to post intraday this week. But, I'll try to reply to any comments at night. Good luck.