Oct 21

Hmmm.... this is a not a particularly compelling day for anybody (bulls or bears).

First, my 60-min Trend System issued a buy signal with the gap up today. See here and here (These updates are sent out as part of my Trend System Notifications).

But was today a breakout or a bull trap? The evidence right now is mixed at best. The SPX broke out to a new high, came down retested previous resistance (now support?) but failed to go back to the high. That doesn't seem particularly strong. But the day is what the day is and I still have a buy signal in place. So I guess we will see what happens over the weekend.