Market Timing - posted at 1437 EST
Swing trade - 100% long positions; stop for all positions to SPX 1290.
Investor core - 100% long positions; stop for all positions to SPX 1290.
The Russell 2000 (RUT) and the Dow indexes are the only laggards for new cash highs today. We expect the SPX to reach 1320 by tomorrow's close as the indexes should continue the upward move toward the close today.
We will raise our stops this afternoon after the close.
We still have not gotten a resolution for being wrong about a low at the 1305 EST locus. The time was correct. Structure since the January highs has characteristics found in corrective phases, not in pulsive phases - many overlaps. Even though this movement is corrective and forming a top, the poor structure could continue. Poor structure and symmetry makes for choppy trendless periods. That environment demands faster profit taking and tighter stop loss parameters.
Time Locus 5 minute price bars - 1445 Low - then upward toward ?? caution
More before 1500EST
Good Trading and God bless
W. B. Busin
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