The Founder’s Group issued a Navigator Swing Buy signal earlier this morning at 3672.50. The market must close above Friday’s Regular Session high at 3684.50 for the signal to validate. The original signal presented at 3613.50, but the Founders waited for more confirmation – including a break of the short-term downtrend line and a couple of closes above the mean on the hourly chart. 

We have no evidence that this is THE bottom, just a tradable short-covering bounce. We still have potential Fed speak ahead today, which could help or hurt – we don’t know for sure. It is not unwise to wait to execute until the close – which would confirm our 3684.50 validation requirement or not.

The Founder’s Group chose to be early, using a 15-minute trailing stop. The market still has to move through last Thursday’s Gap resistance. But if the market follows through, our first target is 3750.

A.F. Thornton