The bottom line, the short-term trend is up but I closed my long position before the close.
Although in last night report, I expected an up day today but certainly it’s a little bigger than I thought. I’ll have to reassess the trend in the weekend report. For now, well, just for now, subject to change at anytime, I shall say this is a beginning of the 2nd leg up. Because SPX had 3 red days in a row, so I don’t expect this 2nd leg to go very far. And perhaps it’s not very bad for bears because if the market kept selling off today, I’d say the uptrend was incomplete because it’s missing the 2nd leg up. Now since we have our 2nd leg up, it’d be much simpler as the question now is how far it can go which I’ll do research in the weekend.
A little bearish biased toward the next Monday, at least not a huge up Monday (Less than 1% rise) for 2 reasons:
ISEE Indices & ETFs Only Index > 100, 23 out of 33 times (70%), SPX closed below today’s close within 2 trading days.
When TICK > 1,000, slightly bearish the next day and at least very unlikely a huge up day.
Enjoy your weekend!
