The model on a weekly basis improved strongly to +52. We vaulted over the most important level of 2019 at 2864 SPX and the spreads have never looked back. As explained last week, since the market could not drop below 2750, it is building energy to slingshot above 2864, and then much higher. But one week of price action is just not enough to do it and with related markets showing divergencies, it is bad risk-reward to be long here and now. We will take it one day at the time, but failure to crack 2750ish is a longer term tell and price weakness in next couple of weeks is to be used for accumulation. As things stand the model will switch to Daily Risk on next week and probably Weekly Risk On within 2-3 weeks.
A video of my detailed expectations for the near term, with important levels to watch, can be viewed at https://youtu.be/JgWwlTnjbRg