Mon 7/8/2013. Mid-day Update.

Still have family in town until tomorrow, so I'll be brief. The Score is neutral and I expect it to stay that way for at least 1 day if not more, so the stop-and-go-short level is at 4hr support which is currently 1623.97. With SPX below key moving averages, multiple SOS days and quickly reversed rallies after an overbought rally from a deep correction, the technicals had a bearish edge. However, SPX appears to be heading for its 2nd full day above the 1615-1625 level and has broken the downtrend line and previous uptrend line in the mid-1630s, so bulls have gained the upper hand if they can maintain those key levels through tomorrow's open. That would create much higher odds for a new high and a buy-the-dip event in the 1620s or possibly 1600ish, but the System will guide us. If SPX closes an hour at 1641.69+, the stop-n-go-short level will rise to 1637.00. Good fortune.