The market seems to have put in a bottom at 1552 and if my assumptions are correct, then the ideal target zone will be around 1585-90 before the market corrects again. I think as long as the market keeps the Trend Average positive, the market should start trading above 1600 soon. If the market surprises (me) to the downside then the number to watch will be 1539 as I mentioned yesterday. For now, 1552 just serves as another higher low and key support.
I am on the sidelines on my short term trading account as I am waiting for higher prices but I'll set my automatic trigger at 1588 for now to buy back the VXX position. I think if 1588 hits then VXX should trade around $18 and that would improve my position substantially, we'll see if my assumptions are right..
Main S&P 500 Trends
Short Term Trend = Bullish
Medium Term Trend = Bullish
Long Term Trend = Bullish
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