Current SPX Position: Long from 1418
Next Action: Stop at 1419.80
System Score: 9=Bullish=Trend Score + Turn Score=8+1
The previous short trade was closed out at the open for an 11pt gain (1429-->1418) where the System went long. Although the System allows a looser stop below 4hr support (currently 1422.35) when the Score is bullish, the Score could turn bearish near 1415 and I don't want to let this winning trade into a loser with 2 minor pivots at 1420/1422 and 10pts of breathing room (more if futures stay up). The stop could quickly be raised to 1423+ if SPX opens higher. Max option pain has moved up a couple pts to 1407ish. SPX 1390-1400 should hold up into year-end if today's rally isn't reversed in the next day or two. Regardless, we just follow what the System tells us, and it's bullish with no likely sign of going short unless SPX falls below 1410-1415 in the next few days. Good luck.
No comments:
Post a Comment