Both the long and short term models remain bearish.
The directional component of the daily model is bearish today, but the risk component is right on the cusp of being “too risky.”
I see the path of least resistance being up, but I also see the potential magnitude of a decline as being far more points than the potential magnitude of an advance. So, while “officially” we will stay on the sidelines today, “unofficially” I would be quite comfortable being short.
Miscellaneous note: If the SPX is down on the day today, it is almost a certainty that the daily model will be bearish on Monday.
Have a great weekend.
Thanks for the opportunity to be of service, and I’ll email you again six hours before the start of Monday’s session – or sooner if circumstances warrant.
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