Current SPX Position: Short at 1659.89
Next Action: Stop at 1646.42
System Score: 3=Bearish=Trend Score + Turn Score=3+0
Proposed New Score: 46%=Neutral=Trend Score + Turn Score=12+34
The Proposed New Score is neutral but the current Score is still bearish. Yesterday was an SOS day. The TRIN spike on Tuesday favored somewhat limited downside and a multi-week bottom within a few hours or days. SPX has since rallied nearly 2 days. Recent history suggests that, if SPX does not start a new 2-4 day down leg today, SPX is likely in the wave 2/B that I initially proposed based on the Dow DRSI for the next few days or longer. In the bullish scenario, I could see an early rally today possibly above yesterday's high for SPX (maybe not Dow), then a drop back near or below the open followed by a larger rally starting at the very end of day or more likely on Tuesday morning perhaps over relief on Syria. An indecisive move into this weekend seems likely which favors bulls unless we get a new low. Good fortune.
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