The S&P 500 (SPX) declined 2.82 points Friday to close at 1198.11. 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 8580.05 cumulative SPX points, compared to a gain of 739.18 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.
Both the long and short term models remain bearish. However, it’s starting to look more and more as if the market doesn’t want to decline, and the longer it fails to do so, the greater the odds of these models – and the market – moving higher. But for the time being, put that in the category of an “observation”, not a “forecast”.
The SPX is virtually unchanged from its 1198.78 level right before the Memorial Day holiday.
The daily model is bearish today, but not by much. TOT daily traders are advised to go 100% short at SPX 1198.50 limit or at SPX 1196.50 stop, whichever comes first. With such an unleveraged position, I’m not going to recommend a stop, but if I see the SPX up or down by 10 points or more, I’ll issue an intraday update. If none occurs, then carry the position overnight and into tomorrow.
Thanks for the opportunity to be of service, and I’ll email you again in 24 hours.
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