Tue 7/31/12. Daily Updates.

Date-Time	Tues 7/31/12 12:15PM EST
Active SPX Trade	None. The System did not go long as planned above 1345 due to the large gap up to 1358.
System Score (S2)	7 = Trend Score + Turn Score = 10 - 3 = bullish
Trade Trigger (T2)	Stop at 1370 if long. T2 will rise to 1381 if SPX closes above 1388.15.
Commentary	The Turn Score has turned more negative but the Trend is strong enough to produce further rally or only mild pullbacks. The Fed announcement is approaching Wednesday so I expect volatility to rise sharply very soon. It's possible the large SPX top has been delayed until the 2nd half of August, but a lot depends on the central bank actions this Wed/Thu. Personally, I expect major jawboning and minor action combined with a poor Friday jobs report to remove most market hope, but we must respect the current bullish System reading until it changes. Good luck.