Current SPX Position: Short at 1646.69
Next Action: Stop above 4hr resistance at 1657
System Score: 4=Bearish=Trend Score + Turn Score=8-4
Proposed New Score: 44%=Neutral=Trend Score + Turn Score=40+4
The System exited its long trade (1622-->1647) and entered a new short position at 1647. The Score remains slightly bearish with potential to get more bearish in the next day or two if SPX drops into the 1630s and 1620s. If that occurs, I will likely lower the stop to 1654 and then 1652 and lower pretty quickly. Contrary to the muted generic message that most people expected, the Fed actually offered a potential timeline for gradual 6-10 month tapering starting in the next few months and rate increases starting in 2015 with a higher unemployment threshold. That seems more bearish than consensus but bears need to break the uptrend line and 50dSMA at 1615-1620 to get any kind of mini-panic going. Let's see what kind of gyrations, interpretations and rumors we get into Friday OPEX. Good fortune.
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