Active SPX Trade=Long from 1438.75
T2=Stop at 1447.39
S2=5=neutral=Trend Score + Turn Score=10-5
As hoped, SPX made a new high pushing our stop to a more profitable level and S2 to neutral status. The System will remain long until stopped out but then open a short trade. Some daily RSI divergences will be wiped out if SPX does not reverse lower today, but weekly RSI/MACD and daily MACD divergences will remain regardless. VIX is approaching its lowest levels since June 2007 in a never-ending wedge. Although the System does not incorporate EW, I still like to dabble. I am looking for the completion of an EDT from SPX 1011 to finish an ABC from 667. When lined up with an imminent spending-projected top and possible sell-the-news events (ECB, Fed, Apple, sentiment) while entering an historically poor seasonal period, there is real danger for a significant bull market top. Having said that, the masses are trained to not fight the Fed and the Fed has chosen endless asset inflation, so I'll let the System guide my actions. As I write, SPX crossed 1470 which is very strong and might allow our our stop to be raised to 1454 at 11AM. Good luck.
No comments:
Post a Comment