Current SPX Position: Long at 1690.95
Next Action: Stop at 1700.67
System Score: 7=Bullish=Trend Score + Turn Score=10-3
Proposed New Score: 60%=Bullish=Trend Score + Turn Score=48+12
4hr support rose to 1701.95 but a bullish Score allows us some flexibility on the stop which is now raised to 1700.67 just below the morning pivot. Interestingly, the Proposed New Score is on the brink of turning neutral after 1PM which would support a short trade. The current score is not likely to become neutral by end of day. We could have a discrepancy between scores that "bears" watching. In any case, bears ideally needed any rally this week to not exceed 1700 by much and to continue negative divergences in a likely 5th wave from 1560. So far so good on most timeframes but 1682 likely needs to be broken to build downside momentum. Good fortune.
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