TOT daily traders are an unleveraged 100% long. Maintain the 1% protective sell stop on the position for the time being, but read on.
The SPX is currently down about 8 points. I’ve been saying for awhile that the market needs to “crack” if the upside momentum is to be broken. Today MAY be the first day of that crack and tomorrow is likely to see that crack expand. The daily model for tomorrow has a strange “ribbon” pattern to it. If the SPX is closing in a range of between down 2 and up 2, the daily model will be bullish for tomorrow, but if the SPX is closing outside that narrow “ribbon,” then the daily model will be bearish. I know that sounds weird, but it is backed up (and triple-checked) by research.
If the SPX is closing within the ribbon, and if not stopped out, carry the long position overnight and into tomorrow.
If the SPX is closing outside the ribbon (as is the case now), sell the long position on the close (if not previously not stopped out).
Furthermore, If the SPX is closing outside the ribbon (as is the case now), go 100% short on the close and carry the position overnight.
Thanks for the opportunity to be of service and I’ll email you again in about 12 hours.
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