The SPX advanced 12.43 points yesterday to close at 1202.93. TOT daily traders were on the sidelines for the session.
The super long term perspective for the stock market remains bearish.
The long term model remain bullish, and the short term model remains neutral.
The S&P is back to the 1200 area which has been both support and resistance on several occasions. The current foray into this range will probably not be the market’s last here. In the absence of any negative news, the market is likely to try to work its way higher here, but downside risk is substantial, and the underpinnings of the market are soft. Any negative news could easily send the market down sharply. Simply said, it’s a news driven market at this moment with neither bulls nor bears in command. The prudent course is to stay on the sidelines for today and await a lower risk trading opportunity.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 6516.91 cumulative SPX points compared to a gain of 744 points in the index itself over the same period.
Have a great weekend, Thanks for calling, and I’ll speak with you again in 72 hours.