Current SPX Position: Long from 1550.90
Next Action: Stop and go short at 1561.55 (may be raised to 1563.02 if SPX rallies beyond 10AM)
System Score: 10+=Bullish=Trend Score + Turn Score=10+0.5
Proposed New Score: 74%=Bullish=Trend Score + Turn Score=44+30
The System remains bullish and long but the technicals will turn bearish around 1561. Today's rapid 15pt drop did not quite breach 4hr support, but it did overlap previous waves in the Dow. So, the rally looks corrective. SPX has built a potential multi-week H&S that targets 1480ish if the neck is broken. I am still expecting 1525-1530 to be tested at a minimum. Good luck.
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