Active SPX Trade=Long@1405
T2=Stop@1398.03 (lowered from 1401)
S2=10=bullish=Trend Score + Turn Score=6+4.
Due to the probable gap down near our 1401 stop, I am moving the stop to the previous pivot low at 1398. It is still within the 1% System limit from the 1409 support break and increases our risk by 3pts but gives us some breathing room for the opening action. I wouldn't do this if S2 had turned neutral or bearish, but it is still bullish. The market is churning in front of the Jackson Hole speech. There should be some big moves coming after that in September. An intermediate top could be in place at any time, but many signs point to more highs or churning until the 2nd week of September. Good luck.
No comments:
Post a Comment