The SPX advanced 7.65 points yesterday to close at 919.02. 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 7479.30 cumulative SPX points compared to a gain of 460.09 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 yesterday’s hotline, I pointed out, “there is massive resistance between current levels and about 10 points higher” and indeed the high for the day was 8.41 points above Tuesday’s level. In the absence of powerfully bullish news, I doubt the SPX will close above 920 today or tomorrow.
The directional component of the daily model is bearish today, but risk is far too high to go short. We will remain on the sidelines for the time being, but I will be looking for opportunities throughout the day.
Thanks for the opportunity to be of service, and I’ll email you again in 24 hours – or sooner if circumstances warrant.
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