Tues 7/24/12. Daily Updates.

Date-Time	Tues 7/24/12 3:30PM EST
Active SPX Trade	Short from 1369
System Score (S2)	7 = Trend Score + Turn Score = 4 + 3 = bullish upon T2
Trade Trigger (T2)	1344.71 stop and reverse long with projected bullish score of 7+ at that level
Commentary	The T2 stop/reverse will fall to 1338.01 if SPX closes below 1331.86 at 4PM. SPX is setting up for a bounce but I suspect another panic drop first. And, any bounce below 1352 is prone to failure based on projected scoring. I recommend using the System-allowed 25% profit-taking on any large gap down Wednesday with reload on a 50%+ retracement of the stop level. SPX has not broken 1325 or 1310 and the USD has not decisively broken out, so bulls still have a slim chance. There has been enough bad economic news since the last Fed speech that QE3 speculation should begin anew in the coming days leading into the August 1st FOMC announcement. That will be the straw that breaks the camel's back if the Fed does not do something big. My previous cycle work projects lows of some degree near July 13, July 30, August 17, Sep 6 and pending Sep 17-20 but those are just for fun since they are not factored into S2.

________________

Date-Time	Tues 7/24/12 12:35PM EST
Active SPX Trade	Short from 1369
System Score (S2)	6 = Trend Score + Turn Score = 4 + 2 = bullish upon T2
Trade Trigger (T2)	1351.54 stop and reverse long with projected score of bullish 9+ at that level
Commentary	SPX breaking down impulsively. Most bearish scenario would be the 50dSMA at 1333ish becoming resistance. Must obey T2 but I'm expecting the 200dSMA to be pierced soon.

________________

Please read the legal disclaimer. Copyright 2012