Update 4PM EST: Looks like Dow is closing 3pts below its all-time weekly closing high. The all-time
daily closing high was actually 14164. Big gap up or down Monday? The System has no position and is prepared to go long or short on Monday. A System short trade opportunity has finally presented itself, but Mr. Market is the final arbiter to decide if it gets triggered. Have a good weekend!
Current SPX Position: None
Next Action: Go short at 1512.50 (1 penny below the 20dSMA) or go long at 1525.35
System Score: 8=Bullish=Trend Score + Turn Score=10-2
The Score remains bullish, but it will officially go neutral-to-bearish once SPX is below the 20dSMA (estimated to be 1512.50 today). We got the drop and pop we needed into 1-2PM for a good short setup. However, the System will also go long if 1525.35 is reached. The skeptical side of me expects Mr. Market to hold up enough for Dow to make its all-time highest
weekly close (
14,08814,093+) which equates to SPX 1518+ for the moment, because that would form a bearish inter-market divergence while grabbing retail headlines. But one could probably also use Dow Theory or another perspective to expect one last lower high for a perfect bearish setup. Not sure which way it will go. Don't really care. Good luck.
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