(Update 9/24/12 6PM EST)
Big BOW (Buy On Weakness) day! That's usually bullish. Buy the dip I guess. The System is already long, but a brief drop is possible. Good luck.
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Current Position: Long from 1465.16
Next Action: Stop at 1449.97
Score (0-10): 10+=Bullish=Trend Score + Turn Score=10+1
Possible SPX triangulation which slightly favors bulls but it's not textbook. There is way too much complacency in my view. Now that we've consolidated at 1450-1470 for nearly 2 weeks, I think the break should travel 20+pts, so 1425ish support or 1500ish resistance seems very probable. My spending indicator, the economic data and my personal bias are leaning to the downside, but the System tells us the technicals still favor the bulls and who's to say we couldn't get 1 final pop followed by a massive drop. We'll know soon enough. Good luck.
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