(Update Fri 9/7/12 4:30PM EST)
T2 has risen to 1435.09 where the System would stop out and go short. If SPX gaps much below 1435 on Monday morning, we will almost certainly exit our position and we will have a decision to make about whether to enter a new short position since S2 is now neutral due to overbought hourly indicators. If SPX gaps up on Monday, I'll take 25% profit as the new System limits me to doing (versus up to 75% in the old System which I often took too early on large trends). A pullback is due but I suspect upside to the 1440s first. This coming week has a lot of potential volatility due to the Fed/Apple/Germany, and I hope it doesn't jerk my System around. There is real potential for a significant top within hours or days, because my leading discretionary spending indicator has reached the last week of its likely 20-23 week topping window. Buckle up and enjoy your weekend!
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Active SPX Trade=Long from 1412
T2=Stop out and go short at 1428.32
S2=5=neutral=Trend Score + Turn Score=10-5
The trend is solidly bullish again, but the reversal score is high. So, the System will stay long for the ride but go short on the next hourly support breach. Currently, that level is 1428.32. SPX should meet strong resistance at 1440 or so, and we may get chop from there into the Fed/apple/Germany events. Good luck.
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