If last Friday’s move higher was a last gasp before reversing, it would have occurred late in the session. It didn’t and the market also did not gap down in this morning. Bullishness begets bullishness and any drawdown since last November has been limited to about 3%. It’s made a mess of any wave count and with this move higher, DeMark’s TD Sequential on the daily time frame is in danger of recycling since the S&P 500 (SPX) remains in turbo mode.
On the Russell 2000 (RUT), the weekly DeMark TD Sequential just finalized a perfected 9 count TD Sell Setup and a 13 count TD Combo Sell. Having faith in this potential reversal signal is tough considering the RUT has suddenly became the power horse vs the SPX. Continuing on the May 2nd assessment for Apple (AAPL), it is becoming evident a change in trend at in the intermediate term is probable. The inability for AAPL to turn down after completing a TD Sell Setup with a potential close today above TDST resistance at 460.53 is helping the cause that AAPL 385 is the floor price.
Switch to neutral if SPX closes above 1620 and a new assessment will need to be drawn up. (updated mid trading day)