A day late but the 60 minute Keltner/Bollinger channel finally released to the upside to take out the S&P 500 (SPX) old high of 1474.5. Between SPX 1475 and 1485 is a region free of any resistance points so starting at SPX 1385, the primary targets are DeMark’s 1492 price objective level and Fibonacci measured moves to 1500.
Once again, exhaustion points are clustering everywhere on daily and timeframes. Weekly timeframes begin next week. The Nasdaq Composite (COMPQ) is currently the only laggard of the major indices and it’s setting up to finish next Tuesday (Monday is an US holiday).
Portfolio is 70% short and with long hedges. For today, a minus 1000 tick reading, or entry under SPX 1475 gets me back full on short plus some. Otherwise, I will key on the primary targets and the trusty 4 hour DeMark count which will finish early next week. (Updated mid-trading day)