Stop raised to today's pivot low near 1481. More tonight...
Current SPX Position: Long from 1462.98
Next Action: Stop at 1485.57
System Score: 7=Bullish=Trend Score + Turn Score=10-3
Although the Score is bullish, I moved the stop up to 4hr support at 1486 because that is also where EW overlap would occur. The Score could actually turn bearish if we get a few more hours of upside, so a short trade setup is possible within the next day or so. My guess is we'll get one more 5-8pt dip and a new high at 1493-1500 before a sizable pullback to 1470ish. Either way, for now, we ride the trend higher. Good luck.
Current SPX Position: Long from 1462.98
Next Action: Stop at 1485.57
System Score: 7=Bullish=Trend Score + Turn Score=10-3
Although the Score is bullish, I moved the stop up to 4hr support at 1486 because that is also where EW overlap would occur. The Score could actually turn bearish if we get a few more hours of upside, so a short trade setup is possible within the next day or so. My guess is we'll get one more 5-8pt dip and a new high at 1493-1500 before a sizable pullback to 1470ish. Either way, for now, we ride the trend higher. Good luck.
Did it hit your stop today? Nice trade...be interest to see if the model tells u to go short
ReplyDeleteFulleralpha, stop was finally hit and the System is now setup to possibly go short. A new downtrend is likely starting within a few hours or worst case days.
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