The SPX declined 3.58 points yesterday to close at 949.64. TOT daily traders were on the sidelines for the session.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 7642.12 cumulative SPX points compared to a gain of 490.71 points in the index itself over the same period.
The super long term perspective for the stock market remains bearish, and it’s unlikely anything will change that for several years.
However, both the long and short term models remain bullish.
The daily model is bullish today. Nonetheless, it seems to me that yesterday’s selling has a bit more to go. If we get down into the low to mid 940s, and if there’s positive divergence on the intraday model, that will likely be a good buying spot. But I’m reluctant to get back in on the long side until we get some more (I really hate this expression, but it does describe what the market needs) “backing and filling.”
Thanks for the opportunity to be of service, and regardless of whether we get that buying opportunity or not, I’ll email you again in a few hours.
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