Despite SPX now being flat, the Score has not moved more towards neutral yet, but it will by end of day. If SPX closes below 1588 at 12PM+, the stop will be lowered to 1599.20 or lower. It's possible that SPX is still finishing a sideways wave 4 OR forming an EDT/extended 5th down. I doubt we're still in wave 3 down from 1654, and I offered a few technical data points last night that favor a sizable bounce (20+pts) starting today or worst case Monday.
My discretionary spending analyses have not officially generated a call for the next significant SPX top or bottom like they did the latter half of May. However, another TOP signal was narrowly missed 2 months after the last signal, so I think it's very possible that SPX will form a big, but perhaps less significant, top in the latter half of July. If so, when combined with my other analyses, I can envision a scenario where SPX bottoms at 1530-1550 around June 28-July 5th with a likely 20-40pt rally between now and then followed by a large rally into mid-to-late July followed by a retest of the lows into August. At some point, I expect a 70%+ retracement of the top as typically occurs at the start of bear markets, and perhaps that will occur August-Sep/Oct. It certainly appears there will be larger swings in both directions to test the System versus the never-ending rally from November to May. Good fortune.
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