Current SPX Position: Long from 1555.32
Next Action: Stop at 1557.95 (subject to tweaking depending on Monday open)
System Score: 9=Bullish=Trend Score + Turn Score=10-1
Proposed New Score: 68%=Bullish=Trend Score + Turn Score=48+20
If SPX trades up or sideways on Monday, there is a reasonable chance that the Score will turn neutral thereby setting up a short trade on the next 4hr support break. The stop is being raised to the intraday 1558 pivot which is below 4hr support and subject to tweaking depending on the Monday open. The technical configuration seems to favor another new high or retest after the next pullback unless we get a quick blowoff to 1576+ first. SPX did make a new all-time closing high. Discretionary consumer spending has actually jumped back to neutral (100) over the last couple weeks but much damage was already done by the large downdraft in the 2nd half of 2012 that doesn't usually show up for 4-6 months (starting late April to early June according to my historical spending analyses) and the mini March spending rally is not convincing yet. Good luck.
No comments:
Post a Comment