Update: I figured out there is a blogger app for my phone that allows me to edit this blog while at work, so I will make infrequent intraday updates when possible. I am sorry for the late notice, but those of you who have followed this blog a long time know that the System never sells immediately into an opening gap that is near or beyond our stop unless the Score is squarely against us which it is not and instead adds an extra few pts of leeway. So the System is still long with stop 1 penny below today's low. More tonight.Good luck.
Current Position: Long from 1388.93
Next Action: Stop at 1373.02 (or lower if the Score becomes bullish by then)
Score (0-10): 5=Neutral=Trend Score + Turn Score=1+4
SPX has traded mostly sideways the last 2 days somewhat relieving oversold conditions. The technicals still slightly favor a bounce, but another sideways-to-up day should be enough to turn them bearish again and any bounce may only reach the lower Fib targets at 1395-1410 anyway. OPEX max pain currently near 1420 is perhaps a bullish factor along with daily RSI5 posd, 200dSMA support, the recent 2+ TRIN, the Thursday BOW day and the VIX posd (now below its 20dSMA). Those bullish factors wear off with each passing day that SPX cannot rally hard. My gut expects a 1-2 day rally near 1400 followed by a couple consolidation days into OPEX (maybe with a final small head fake up to 1410-1420) and then another leg down. Regardless, the System is long and expected to get short if SPX rallies and then falls back below 4-hour support. Good luck.
Current Position: Long from 1388.93
Next Action: Stop at 1373.02 (or lower if the Score becomes bullish by then)
Score (0-10): 5=Neutral=Trend Score + Turn Score=1+4
SPX has traded mostly sideways the last 2 days somewhat relieving oversold conditions. The technicals still slightly favor a bounce, but another sideways-to-up day should be enough to turn them bearish again and any bounce may only reach the lower Fib targets at 1395-1410 anyway. OPEX max pain currently near 1420 is perhaps a bullish factor along with daily RSI5 posd, 200dSMA support, the recent 2+ TRIN, the Thursday BOW day and the VIX posd (now below its 20dSMA). Those bullish factors wear off with each passing day that SPX cannot rally hard. My gut expects a 1-2 day rally near 1400 followed by a couple consolidation days into OPEX (maybe with a final small head fake up to 1410-1420) and then another leg down. Regardless, the System is long and expected to get short if SPX rallies and then falls back below 4-hour support. Good luck.
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