The SPX advanced 2.62 points yesterday to close at 1138.15. 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 8310.14 cumulative SPX points compared to a gain of 679.22 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.
The long model remains neutral, and the short term model remains bearish.
While the SPX was up a tad yesterday, advancing volume lagged declining volume both on the NYSE (moderately) and on NASDAQ (substantially). Five of the six NYSE most actives declined. And the highs of the day were in the morning, while the lows were in the afternoon. Overall, not a strong session, despite the gain in the SPX and the Dow.
As was the case yesterday, the directional component of the daily model is bearish today, but the risk component of the model is extremely high, moving the overall model into a neutral mode. My personal thought is that we need another day or two of modest weakness in the market, bringing us down to support in the lower 1120’s, before we can see some better buying come in. Stand aside for now.
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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