Current SPX Position: Long at 1691.50
Next Action: Stop and go short at 1680 if it happens quickly
System Score: 9=Bullish=Trend Score + Turn Score=9-0
Proposed New Score: 68%=Bullish=Trend Score + Turn Score=40+28
The System was stopped out near break-even yesterday and went long at 1691.50. The Score did not quite go neutral yesterday (fell to 6 briefly) and is now a little bullish, so the System remains long with stop at 1680. A grind below 1680 will likely leave technical slightly bullish while a sharp drop below in a couple hours could turn the Score neutral. I will try to post near the time SPX approaches 1680 if that occurs with a Score update. The stop-n-go short level will likely rise to 1685 or even higher tomorrow if SPX does not break 1680. This market has been very indecisive in a tight range around the 20dSMA which has a particularly strong effect on the System. A measured H&S move to 1660 or a retest of the 50dSMA near 1655 would setup the Score to be bullish for a couple days of backtesting the 20dSMA. On the other hand, a rally above 1700 and of course 1710 could easily lead to a large breakout. In other words, we're highly likely about to break the recent consolidation range. Good fortune.
No comments:
Post a Comment