The SPX declined 7.59 points yesterday to close at 911.43, almost exactly reversing Wednesday’s gain. TOT daily traders were on the sidelines for both of those sessions.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 7479.30 cumulative SPX points compared to a gain of 452.50 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.
On Wednesday’s hotline, I pointed out, “there is massive resistance between current levels and about 10 points higher”, and indeed both Wednesday and Thursday saw the market trade within 8-1/2 points of Tuesday’s level.
As was the case yesterday, the directional component of the daily model is bearish today, but risk is far too high to go short.
The Japanese market is sharply lower right now, but the S&P futures on Globex are holding up very well – down only 1.40 at this midnight Eastern time writing. If the SPX can hold up today and close above 920 with good breadth, then that would be a powerfully bullish sign, and a strong indication that the market has started a significant advance. BUT THAT’S A BIG “IF”.
Have a great weekend, thanks for the opportunity to be of service, and I’ll email you again in 72 hours – or sooner if circumstances warrant.
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