First real market bear beatdown occurring – Finally. First order is to keep the close contained under S&P 500 (SPX) 1500 or market will just look toppy.
Weekly DeMark counts on the SPX looks imperfect as the TD Countdown finished a 13 two Fridays ago and TD Combo is currently at a 12 count. Could be one is late and the other is early. The Nasdaq Composite (COMPQ), however, looking right on time.
Touching base with last week’s call from Tom DeMark on Apple (AAPL) turning higher with SPX simultaneously turning lower today, it would be a reasonable question to ask him on how he reconciles AAPL reversing without help from SPX. My preference right now is to concentrate more on the weekly DeMark and see what converges there.
Still have megashort bias on the SPX and would be nice to see it unfold for at least 1-2 months. (updated mid trading day)