As of Friday, July 29, 2016 at the close of trading EquitySurge™ has continued a hold signal for USA equities. This signal means to hold existing long stock market positions, but do not buy additional positions.
The market spent another day rotating near the top of the price range again today, with the S&P500 Index closing around the 2174 level.
This rotational action could continue for some additional time, however what is more likely is that weakness settles in and we see the start of the corrective phase we have been anticipating.
Even though there are plenty of signs of the market becoming weaker, it still looks like the upcoming decline will produce an opportunity to buy at lower prices and add to existing long equity positions.
So for now we continue to hold existing longs, anticipate a decline to start at anytime, and be ready to buy additional long positions somewhere in the 2120-2100 range on the S&P500 Index.
If you would like to review the EquitySurge™ trading signals generated so far in 2016 please see the Trading Signal Performance Chart page.