Current SPX Position: Long from 1514.12
Next Action: Stop at 1495 (will likely move up to 1505.42+ very quickly)
System Score: 10=Bullish=Trend Score + Turn Score=8+2
SPX non-stop rallied to 1515-1520. The System narrowly missed by 10 cents joining the bullish ride much sooner when SPX made a lower low at 1485 but did not close the hour lower. Instead, the System has joined the rally at 1514. I've had narrow misses like that go in my favor too, so that's just part of the reality of having a disciplined System with pre-defined entry and exit points.
After today sent several of my technical indicators flying, it does look like the Score will turn neutral/bearish around Thursday 3-4PM if SPX consolidates (maybe at 1500-1520) or rallies further. That would lead to a short trade entry at a break of 4hr support (currently 1505), but I'd like to see that support level rise to 1510-1515 with SPX making an hourly close above 1517.86. SPX will be very susceptible to starting a new downtrend late Thursday to Monday unless SPX can really blast through 1531. The Dow made its 2nd highest close ever today and could easily make its all-time highest close without SPX even surpassing the recent 1531 high. We'll see. Good luck.
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