This strategy is able to go both long and short, depending on the market movement direction. The strategy has been adapted so far for S&P 500 index, as well as NASDAQ index. With some optimizations you can also trade stocks from inside any index.
Beats general buy and hold since 2014 for SPX by 85% and since 2011 beats Nasdaq by 15%. However because we have an amazing drawdown, in this case below 10-15% we can go easily go for 2-3x leverage and in that case we will beat the normal buy and hold by 5-10x minimum.