The SPX advanced 5.59 points yesterday to close at 871.58 in a listless session. TOT daily traders were on the sidelines.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 7494.80 cumulative SPX points compared to a gain of 412.65 points in the index itself over the same period.
The super long term perspective for the stock market remains bearish.
The long term model remains neutral, and the short term model remains bullish – although not by much. I would be very surprised if this market can make it above about SPX 920, and it would not surprise me if the model turned down before it even got close to that number.
The directional component of the daily model is dead neutral today, indicating that neither bulls nor bears have any advantage over the other today. With the weather improving, it seems like a great day to begin a three day weekend.
Have a great weekend, thanks for the opportunity to be of service, and I’ll email you again in 72 hours.
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