The SPX declined .61 point yesterday to close at 1165.55. The NYSE advance/decline ratio was about 3:2 positive though. TOT daily traders took a 6 point loss on 2 units though, as our stop was hit.
The super long term perspective for the stock market remains bearish.
The long and short term models remain bullish. Contrary to expectations, the short term model did not downtick to neutral on yesterday’s close.
However, the daily model is neutral today, and we will remain on the sidelines. The odds are the next sizable move will be to the upside, but a major breakout doesn’t seem likely in the very short term. Preliminarily, early April looks like when it will happen.
Thanks for calling, and I’ll speak with you again in 24 hours.