4pm: It was close, but SPY couldn't quite get above the critical limit. Resulting signal is a hold of the 50% long position.
3:38pm: Whoa, nice reversal/bounce off the 200 day MA. I take back the hold confirmed call from earlier. Slight chance of Buy #2 again. To get it, we need a SPY finish over 127.35 to generate a 2nd buy signal.
3:03pm: Hold signal confirmed.
2:12pm: It's going to be close today. Most likely it will just be a hold signal, but there is a small chance of a 2nd buy signal. I will update when it becomes clear.
Today is looking like a good day.
ReplyDeleteHopefully I can trade a winner for a quick gain and sell some of my longs to at least break even.
How is next week looking? Are we finally out of this down market, or are we still going to play with 1255 on the S&P 500 until we can get the bulls back in control?
I would not be surprised to see 1 more big down day early next week, but I also think next week will be kind to the bulls. Negative sentiment has been growing a bunch the past few weeks. I think its time they run up the market to get people leaning bullish again before the next big drop. I think the ideal target to the upside is the 50-day MA.
ReplyDeleteDo you think the S&P 500 would go below it's 200-day MA, which seems to be the last line of support?
ReplyDelete