Fri 2/15/2013. Daily Update.

Current SPX Position: Long at 1518.32
Next Action: Stop out at 1514.01 (getting ready to bump up to 1520+)
System Score: 6=Bullish=Trend Score + Turn Score=10-4

Well, largely due to VIX, the Score dropped near neutral today. If SPX can manage to stay up near 1525 for a few hours, that might be enough to turn the Score bearish. Apparently, SPX may not need to reach the 1530s to get the System bearish like I thought. I mentioned previously that a 1yr uptrend line was at 1520-1525 this week and next and that 1535ish was about as high as SPX could go without eliminating the 1yr EDT possibility (not the 3yr EDT). Plus, OEW has a pivot at 1523 +/- 7. And, in order for my 2 most likely scenarios to play out (variations on a big drop in Feb/Mar, big retracement in Mar/Apr, collapse for rest of year), I mentioned that SPX likely needed to top this week or next with one more wave higher being ideal into OPEX. So, for all the reasons above, a conclusion to the uptrend in the 1520s (or possibly 1530-1535) would make the most sense to me. The only thing missing is a new Dow high or closing high to create better negd with SPX. If SPX manages to rally beyond 1535, my scenarios will need to be revisited. In any case, I expect the System will keep us on the right track. Good luck.