The SPX Daily might open below the UTL at the open. If it does a new Phase I (unconfirmed) would be underway. For the Phase I to be confirmed it will have to remain below the 1261 level the rest of the trading day.
Based on my last post, it looks like the #2 scenario is more likely at this point:
"2. SPX closes at 1260 or below today. Wednesday a new Daily Phase I gets confirmed at the close of the market. Daily Phase I goes to the low (that could be as low as 1216)by Friday. Daily goes back into Phase II by next Tuesday, then goes to a high of around 1280."
If the above scenario plays out. My strategy would be to by long somewhere below the Daily LTL which is currently at the 1252 level at around the Phase I 3rd trading day.
My current trading status is HOLD
My current trading status will remain in effect until changed.
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