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EMERGENCY Update - S&P (change in strategy)
The S&P is at one of its most crucial junctures in 20 years! That is the reason for releasing so many Emergency updates the last few weeks. Longer-term, the trend is way down, but until the S&P confirms the "uptrend" off March's low is complete, the S&P is "sitting on a fence." It will either collapse in the next 24-48 hours, or it will rally wildly for a week or two, then collapse later. I am trying to make sure we are IN for the decline (if it occurs), but not at serious risk if the more bullish (but temporary) rally occurs.
NEELY RIVER technology now allows us to separate trading strategy on the three time frames. This should avoid the need for Daily and Weekly traders to have to jump IN and OUT so often. The below strategies OVER-RIDE all prior updates.
HOURLY Traders
Place a break-even stop at 1249.00 Sep. If stopped out, place new orders to return to 100% Short at 1236.25 Sep. with a stop at 1268.25. I suspect that stop will be lowered quickly and substantially IF activated.
DAILY and WEEKLY Traders
Instead of 1256.25, raise ALL current stops up to 1268.25 Sep. As long as my short-term wave count is correct, that stop should be good. Increase to 100% Short at 1236.25 with a stop at 1268.25 Sep. Like Hourly traders, I suspect our stop will be quickly and substantially lowered soon after entry.
Glenn Neely
NEoWave, Inc.
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