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Of the last 14 position changes we’ve made in the last 3 days of trading, all of them have been buy or cover. This is good. This isn’t easy and I, for one, know what it feels like to be on the wrong side of a “Trade” like this.

Importantly, the SP500’s resistance was overcome today - now that resistance becomes support (down at the 884 line). This is why I covered my SPYs and went long them. The facts don’t lie in momentum modeling. As the facts change, I do.

See the chart below. There is plenty of runway left until we run into the big negative “Trend” line of intermediate resistance. We won’t go there in a straight line, but that line is +14% higher up at 1052. There is immediate term “Trade” resistance at 925, but that line is a moving target that moves higher every time I refresh my models.

I have moved my US Equity invested position up again today.
KM