With all the volatility the markets are experiencing, it’s about managing time frames now. At the last closing hour yesterday, the very short term DeMark TD Sequentials on the 60 minute and 120 minute timeframe both reached 9’s on the S&P 500 (SPX) chart. Combine that with SPX trading at some Fibonacci targets, we get this counter trend rally. Expanding out to the four hour timeframe, the TD Buy Setup continues and unless the SPX closes above 1625.98, it will remain active. Looking out the next couple days, if the four hour can record a 9 below 1598.23, the old low, that will send another statement about the weakness of the overall market. Getting back to Apple (AAPL) again. There was a nice opportunity to get long AAPL using the 434.20 TDST as a reference stop but it couldn’t pull through yesterday. Outlook for AAPL is back to neutral but another opportunity can come next Monday when a TD Buy Setup is due to record. If it records a 9 above 418.90, that would give it bullish slant.
Currently positioned neutral and plan is to re-short around the SPX 1625 level and if the SPX records a close today above 1625.98, I will revert back to neutral. (updated intraday)