Current SPX Position: Long from 1560.27
Next Action: Stop at 1548.62. At 4PM Tuesday, stop and go short at 4hr support (currently 1550.39) if below 1558
System Score: 10+=Bullish=Trend Score + Turn Score=10+3
Proposed New Score: 76%=Bullish=Trend Score + Turn Score=48+28
The System is now long and the Score is very bullish, but bulls are in the most precarious position they have been in weeks. I can't say I like the position but less than 1% is at risk and odds favor SPX will make a higher hourly close mid-day tomorrow allowing us to bump up the stop near break-even. If SPX lingers in the 1560s-1570s and probably even the 1550s into late Tuesday, the Score will almost certainly turn neutral-to-bearish and the System would go short on a 4hr support break. As long as SPX doesn't rally hard for the next day or two, it will run into more bearish technicals mid-Wednesday if it hasn't already triggered a bearish setup before then. Good luck.
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