SPX Daily Buy Blocker has expired.
Current active Buy Blockers: Weekly & Monthly
SPX 60 min is now in an extended Phase 1. The SPX Daily is currently in the 3rd day of it's Phase 1, it still has not yet hit the projected low of 1199.21, the current Daily cycle low is 1209.43, the average Daily Phase 1 low is established by the 4th trading day.
So right now a ST long position has a fair chance of being profitable. However, with the Weekly & Monthly prices below the UTL, the LT pressure is currently to the downside. Right now the longer the 60 min stays in an extended Phase 1, without making new lows the better, it will be like a rubber band expanding. If the 60 min & Daily can go into the next Phase 2 at the same time, it could give the Weekly & Monthly a big boost to the upside.
JMHO, Lindy
"Buy low, Sell high, stay with your system. If your system breaks fix it."
