The market triggered an Hourly Buy Signal mid-day and closed above Pivot once again.
The Daily Buy Signal continues to hold.
Moving forward, alongside Signal Updates, I’ll highlight stocks from our Watch List about to trigger a Buy Signal.
Now, let’s dive into the details.
Current Signal Status
The VIX didn’t reach the deeply oversold levels needed for a Daily Sell Signal this week and has significant room to drop further before returning to oversold territory.
The Hourly Buy Signal that triggered today still has ample room to run.
As noted in last night’s SubStack, with this signal active, I anticipate a market rally toward the next Fibonacci level at $SPX 6,666.
More critically, as long as the market closes above Pivot, the Daily Buy Signal will persist.
Additionally, with Momentum still oversold, a Weekly Sell Signal is unlikely until it moves into neutral or overbought territory. We are far from that now.
The market continues to be bullish overall, and I don’t recommend focusing on shorts unless the Daily Buy Signal turns down and the market closes below Pivot.
Until then, we stay bullish and focus on longs.
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