Next Action: Stop at
System Score: 8=Bullish=Trend Score + Turn Score=10-2
Proposed New Score: 68%=Bullish=Trend Score + Turn Score=48+20
The Score would turn neutral-to-bearish if SPX were to drop to 1561-1562. However, that would be well below the 4hr support trigger at 1577 currently, so the System would not go short at 1561. For the System to get short again, it would likely take a break of 4hr support after another day or two of sideways-to-up action OR a drop and pop from 1560ish. I would not be surprised by a large gap down tomorrow. As long as such a gap down remains near 1570, we'll plan to stop out, but the closer the gap gets to the 1561/1563 pivots, the more it makes sense to place our stop at 1561 which is 1% below 4hr support (our maximum flexibility by rule). If SPX rallies, the stop will trail it at 4hr support to protect our profits. Good luck.
No comments:
Post a Comment