Update 2/19/2013 3:40PM EST: The Score is officially neutral and could possibly become a bearish 4 by the close. Either way, the stop has been raised to 1524.93 where the System would also go short. There is always risk of whipsaw at turns, but there has been so much consolidation in recent weeks that a big move is probably due. Good luck.
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Current SPX Position: Long at 1518.32
Next Action: Stop out at 1520.10
System Score: 6=Bullish=Trend Score + Turn Score=10-4
I am using a System gray area (previous 4hr support on the same trade...too long to explain) to raise the stop to 1520.10 rather than leave it at current 4hr support (1514.14). If SPX closes higher on any hourly basis later today, current 4hr support will rise anyway. I made this decision to protect our slight profit in a deteriorating uptrend that is trying to break through recent 1525 resistance with a potentially complete pattern at the 1yr uptrend boundary. Regardless, if current technicals remain approximately the same into the close today, the Score will almost certainly become neutral which will setup a short trade upon break of 4hr support. If we get stopped out, another long trade is still possible on the next bounce. Can't say I like the slow chop but it is what it is. I will try to post shortly before the close with a Score update but no promises. Good luck.
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