Monday saw an uptrending bar form on the cash S&P500 and we continue to move upward in a Y pulse. The ability to move cleanly through the green (long) moving average shows that the bulls are still in charge here. The trend on the daily chart is clearly up.
Price has now moved to where it is 161.8% of the previous X pulse and so short-term long positions should be protected closely. Continue to watch for a “Price Pulse (PP) Theory” sell signal: after Y completes and we fall down through the Beta – X trendline. That trendline stands at 843.46 today.
Breaking through the trendline is not a signal to take shorts. That must wait for at least a break in the price pulse trend, which right now requires a break below 814.53.
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