Back to BOT Long if sp500 Breaks Above 1296 or Higher Convincingly

The sp500 has been basing sideways for about 2 weeks.  The market is neither going down or up.  But my sense is that it wants to blast higher again into 4th July 2011 for a while.

However I will not switch to a new BOT Long signal unless we see the sp500 close and break above 1296.

There is still a potential bullish path and bearish path for this market.  Why?  Because we are still in a higher low situation relative to the mid March 2011 swing low of 1250.  1250 has not been violated or confirmed with a close under it.  So that still leaves the bulls a chance to stage a rally here into end of June month and perhaps some follow through into July 2011.

I was going to be aggressive and just switch to a BOT long signal right now because there does seem to be enough evidence we will blast higher again, but I would rather wait until we break above the current rectangle trading range.

Posted in BOT Long Signal, SP500

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