(Update 4:30PM EST)
Current SPX Position: Short from 1380.82
Next Action: Stop out at 1403.28
Score (0-10): 0=Bearish=Trend Score + Turn Score=3-6
The Turn Score is now as bearish as it gets. Today was another SOS day. My 60min indicators are all at or near 2-month highs. However, they are not quite as high as they were when SPX approached 1475 and my 15min indicators are mixed, so there may be room for one more pop especially if the pre-BlackFriday sales juice the hope. Any pop might bump up the Trend Score but not nearly enough to turn the overall score bullish. Anybody camping out in lines? I saw a few at Best Buy last night (Tuesday). Happy Thanksgiving!
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Current SPX Position: Short from 1380.82
Next Action: Stop out at 1403.28
Score (0-10): 0=Bearish=Trend Score + Turn Score=3-4
The 20dSMA is in sight at 1394. SPX may want to pierce that and test 1400ish but the rally looks tired and the Score would still not turn bullish in that scenario. Using my short-lived dRSI-based S2EW experiment, one would actually count the rally from SPX 1343 as an ABC even though the eye-test suggests a 5-wave impulse. Who knows and that's why I started relying on my System. I am not 100% sure I'll make another update before tomorrow, so I want to wish you and your family a wonderful Thanksgiving holiday and express how thankful I am for the family and life that I have. Good pluck.
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