Monday, July 22, 2013

ImageIt appears a series of exhaustion points will come this week for the S&P 500 (SPX). The exact day is a bit spotty as confluence is spread between Tuesday and Thursday depending how this rally persists. I will focus on the four hour timeframe as it has served as a reliable lead in the past. If the 4hr stays impulsive, a 13 count TD Sell Countdown will record tomorrow morning, followed by a 13 count TD Combo Sell in the latter part of tomorrow. Furthermore, an 8 count TD Sell Setup will likely record late tomorrow as well. ImageIf the daily chart is on par with the four hour time frame for tomorrow, it will have to come from the SPX tagging the 1711 Fibonacci cluster since a 13 count TD Combo Sell will record this Wednesday at the earliest. 


It is bit of a balancing act in determining which day will matter. If, at any point, SPX reaches the 1711 level, I will switch to at least short term bearish similar to July 15th and see what transpires. (updated intraday)

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