Current SPX Position: Short from 1586.16
Next Action: Stop and go long at 1574.58 (will drop to 1555.16 if SPX makes a lower hourly close) with stop a couple points below 4hr support (will likely be the Wed/Thu low)
System Score: 6=Bullish=Trend Score + Turn Score=4+2
Proposed New Score: 48%=Neutral=Trend Score + Turn Score=16+32
The Score is slightly bullish. The System will go long at the next 4hr resistance break, currently around 1575. The drop from 1597 to 1544 could be interpreted as 5 waves. In any case, the minimal 1540-1550 target has been reached and I suspect 1525-1530, 1500ish and 1485ish are the next support levels after a sizable bounce occurs at some point in the next day or two. Good luck.
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