Current SPX Position: Short at 1659.89
Next Action: Stop at 1648
System Score: 3=Bearish=Trend Score + Turn Score=3+0
Proposed New Score: 36%=Bearish=Trend Score + Turn Score=12+24
The Score remains bearish and the System remains short. If SPX drops below 1627 before rallying above 1641, I think SPX will bottom at 1560-1605 because (1) TRIN and other indicators suggest a decent bottoms is due within days or hours assuming it didn't happen already at 1627 and (2) that range contains a lot of Fibs and pivots in the upper range of projections for this downtrend. The stop will likely be lowered to 4hr resistance if SPX starts making new lows, because I expect the Score to turn neutral in that scenario. Good fortune.
i think you were right.
ReplyDeletegoing up to 1680 ish and than down until the fomc meeting.