In just about the dullest session this year, The SPX declined 1.30 point yesterday to close at 1204.52. TOT daily traders were on the sidelines for the session.
The super long term perspective for the stock market remains bearish.
The long term model remain bullish, and the short term model remains neutral.
If the SPX can make it up to the 1215 level, and if certain other factors are in place when it gets there, then there’s the possibility of a rather swift rise up to about SPX 1235. Alternatively, if the S&P futures open lower in the face of some selling pressure but the cash index holds 1200, and once again if certain other factors are in place when it occurs, then a good rally might ensue. But the “ifs” are complex. For the time being, we’ll stay on the sidelines, but if the conditions are right for going long, I’ll put out a special intraday hotline and advise subscribers by email that such a hotline has been issued. If you haven’t yet registered your email address with me, you may do so by emailing me at firstname.lastname@example.org.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 6516.91 cumulative SPX points compared to a gain of 745.59 points in the index itself over the same period.
Thanks for calling, and I’ll speak with you again in 24 hours.