Long.
My summation index signal is up.
My composite trend signal is up.
Both signals eroded considerably yesterday.
Turns are possible by the end of the week if weakness continues.
Experiencing some drawdown here.
As NYMO has corrected back to the zero line, we are in the right neighborhood for a bounce if there is going to be one.
I don't expect my signals to turn today, but tomorrow is a possibility, which would re-orient me short.
Of particular concern for me at the moment is something I am seeing in my trend model.
The model includes factors for both the SPY and the S&P Index. Over the course of the year so far, declines have been characterized by the SPY being weaker in the model components than the underlying index.
Over the last few days however, the S&P index has been weak relative to the SPY. This is a change in character.
It may just be some rebalancing in underlying stocks into quarter end, but it could also be distribution.