Current SPX Position: Long from 1414
Next Action: Stop and go short at 1401.78
System Score: 3=Bearish=Trend Score + Turn Score=6-3...yesterday, at the morning gap up, the Score was 7=Bullish=9-2 which is why the System went long
Sorry for the paucity of posts. I'm exhausted with work and family issues. Today is a bit more free. The System went long yesterday as I posted before the open. The previous trade was the System's 2nd big loser in a row (23pts), but the System is still up plenty after 3 months and there are ebbs and flows. An interesting situation came up at 4PM Wednesday which I might have handled differently if I had enough time. The Score was set to turn from Bearish to Bullish at 4PM as SPX was breaking previous resistance at 1409, and I strongly suspected a gap up on Thursday morning as many of you probably did too based on the large daily candle reversal. I might have issued a buy at 1409-1410 in which case the System would have benefited 4-5pts on the losing short trade and again on the current long trade. But, my job situation is what it is right now and that wouldn't have fundamentally changed anything anyway, so we move on.
Although the Score flipped back to bearish now, it should turn bullish again if SPX can maintain 1410ish in the next day and 1390ish (the 20dSMA and previous pivots) over the next 3-4 days. I am hoping SPX can close an hour today at 1417.53+ so we can raise the stop to basically break-even at 1413+. Otherwise, the System has 12pts at risk to 1401.78. Bears need to get SPX back below 1390 to prevent the current rally from extending another week or two. If 1390-1400ish is held over the next few days, it is very possible SPX could stay in the 1400s through end of year as volume dissipates. If not, the bottom could fall out. Good luck.
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Stop out and go 50% long...more later this morning
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