The SPX advanced 6.64 points yesterday to close at SPX 1190.80, reversing about a third of Wednesday’s decline. 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 8459.94 cumulative SPX points compared to a gain of 731.87 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 bullish. However, Wednesday’s decline did do damage to the short term model, and it is on precarious ground. If the SPX fails to advance today, there is a good chance that the short term model will downtick on tonight’s close.
In the absence of important news, I’d expect to see the market open with some strength in the early going and then reverse to the downside as the day progresses. TOT daily traders are advised to go 300% short at SPX 1196.40. If you go short, use a 10 point protective buy stop on the position. If the market lingers too long without getting up to 1196.40, there’s a decent chance that I’ll recommend lowering that limit. In any event, I will have an intraday update prior to the close, as Friday is looking to be a very interesting day.
Thanks for the opportunity to be of service, and I’ll email you again in a few hours.
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