Update Fri 2/22/2013 2:10PM EST - If SPX holds up around 1510-1511 and makes one more rally to 1513-1516, we could be seeing an LDT wave A with wave B and C to follow Mon/Tues ranging from 1500ish to the 1520s. That would perfectly fit my scenario described earlier for the next short setup. The System is still long with stop at 1497.28. Good luck.
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Current SPX Position: Long at 1506.15
Next Action: Stop and go short at 1497.28
System Score: 7=Bullish=Trend Score + Turn Score=7+0
The Score is bullish but it will turn neutral if SPX drops below 1497 before end of day, so the System will go short there. The System technicals will almost certainly get more bullish if SPX can hang above 1500 into the weekend and especially above 1510. We do have 3 waves up from 1497, so now is the time for bears to strike. If not today, then I tend to think we'll get a choppy rally to 1515-1525 into Mon/Tues/Wed allowing hourly technicals to reset and possibly even a slight new high with negd before a stronger downtrend takes shape. Good luck.
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