If you always do what you’ve done, you will always get what you’ve always got.
Yesterday the SPX closed under key support. Today all three major indexes closed under key support. Tomorrow’s close will be extremely important.
Today I analyze SPX during the 2011-19% Pullback A. We will see if the Simple Simon gave quality entry signals.
1. SPX tested support two times forming a double bottom before breaking out
2. A SS Buy Signal was generated in October when the CMF and MACD Histogram went positive
3. In November, SPX retraced and tested the original entry point.
4. This happens 85% of the time, hence my 85% rule.
In conclusion, the Simple Simon DID generate a SS Buy Signal during Pullback B.
Tomorrow, I analyze SPX 2015-Pullback C to see if a SS Buy Signal was generated or if it failed miserably.
Enjoy your day,
David O. England
Plan your work, work your plan, and share your harvest! Philippians 2:3-4
This information is for Educational purposes only. It shall in no event be construed or interpreted as an offer or recommendation to buy or sell securities of any kind.
DAVID O. ENGLAND is the founder of the Eye on the Market-Training Academy and Associate Professor Emeritus of Finance. This column is presented for educational purposes only and not intended as financial advice.
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