The SPX advanced 4.87 points Friday to close at 1073.48. TOT daily traders were on the sidelines for the session.
The super long term perspective for the stock market remains bearish.
Both the long and short term models remain neutral.
On October 3, the SPX closed at 1072. This past Friday, it closed at 1073. And in the interim, it’s shown virtually no internal direction, as it’s flopped about as aimlessly as a fish out of water.
For today, in the absence of unexpected news, I expect to see the market open somewhat soft, then rally, sell off again, and then close slightly higher. Without news, it’s likely to be a volatile day – as often happens the day following options expiration – but a day without a major price change by the time it’s over. But once again, that’s a news-neutral scenario, and any news on the war front can obviously alter that. Unofficially, if the market puts in a big rally without any significant news, it will likely be a decent shorting opportunity. Officially, we’ll stand aside again.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 6562.95 cumulative SPX points compared to a gain of 614.55 points in the index itself over the same period.
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