The market has taken a strong push towards the downside again today. For now I think I am going to have to use 1300 as the dividing line between bull and bear here in the sp500.
I will stay on a BOT Long signal as long as the sp500 can manage to hold above 1300. If not then I think the original BOT short signal is going to have to stay alive. So anything under 1300 and I have to presume longer term weakness.
So I would think of 1300 as sort of a conditional circuit at this point.
Today’s action, if it holds, is going to start tipping the weeklies into quite a more confident bearish stance. It looks like today was the key type of day that makes the determination of trend more substantive.