The SPX declined 1.67 point yesterday to close at 1089.98 in about as dull and mixed a session as we’ve seen in a while. 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.
Somewhat bullishly, the S&P futures made a nice recovery from their opening and closed near the high for the day, there were four Dow stocks up a point or more and none down by that amount, and the NASDAQ advance/decline ratio was slightly positive. Somewhat bearishly, the market did close down for the day, the NYSE advance/decline ratio was slightly negative, TRIN was a bit high, and volume was unimpressive by recent standards.
While I expect to see some major fireworks before this month is out, the daily model is once again neutral today, and the market will likely trade with news. As I said yesterday, short term, the market’s overbought, but momentum is good and the path of least resistance is probably still up. But news will call the shots.
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 631.05 points in the index itself over the same period.
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