Current SPX Position: None.
Next Action: Go long at 1502.28 or go short at 1491.32.
System Score: 5=Neutral=Trend Score + Turn Score=10-5
The System narrowly missed going long. Dow actually made a new high. Today's rally could have completed a final impulse to wrap up an ABC or 123 from 1398 or it could be part of a 3-3-5 flat from 1502 which will once again spark a rally from the 1480s. Or I suppose it could just be a continued consolidation below 1500ish resistance. In any event, due to the higher hourly close at 1501.66 at 10AM, the short entry level has now risen to 1491.32. The long entry level remains 1502.28.
I've noticed that an SPX/Dow divergence at a pivot high or low under overbought or oversold conditions usually leads to a retracement if not a reversal, and it typically offers an extremely low risk entry point near a pivot stop. I'll keep my eye on this type of occurrence for future consideration when the Score supports a reversal, but it would be a bit of an exception to the candle entry rules. Good luck.
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