As of Tuesday, August, 16, 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.
Today was another consolidation day, albeit in a price range below the recent highs. The market sold off at the open and then stayed down all day and closed around the 2178 area on the S&P500 Index.
Liquidity indicators remain at a highly bullish level that is strongly supportive of stocks, so at this point we are still in the long sideways consolidation mode we’ve been in over the past many weeks.
Until we see more information from the market about its next intentions, we are still holding existing longs and looking for a likely price top to form somewhere around the 2200 level on the S&P500 Index which will trigger a pullback/correction that will most probably lead to an opportunity to buy and add to longs at lower prices.
If you would like to review the EquitySurge™ trading signals generated so far in 2016 please see the Trading Signal Performance Chart page.