Thursday, August 1, 2013

ImageImageYesterday’s megaphone price pattern after the Fed announcement had plenty of action but today’s gap above S&P 500 (SPX) above 1700 gives the green light to the upside. My thoughts going forward are to follow the 4 hour TD Sell Setup. If it continues through the 9 count TD Sell Setup path, the daily chart will record a few 13’s and the weekly chart will likely record a 13 count TD Sell Countdown this week. The confluence is now clear. I am not emphasizing price targets but SPX 1711 is close at hand. With the Keltner/Bollinger band (K/B) volatility squeeze on the 4 hour pointing upwards, I am inclined to think SPX 1711 can be taken out. K/B’s can fail so watching how SPX works with the counts will be helpful. 


Intraday price action is bullish but it actually very sloppy. Tick readings throughout the day are not elevated to suggest not everyone is buying this rally. Need to see a good 600 plus tick. Managing the long side. SPX must not see anything under 1700 today. (updated intraday)

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6 Responses to Thursday, August 1, 2013

  1. kneedeepin says:

    The daily SPY is currently showing a 1 TDSetup sell, 9 Countdown sell, and a 1 TDCombo sell. Do you find the SPX leads the SPY in price action?

    • Art says:

      I don’t have numbers if SPX is better than SPY. Another person chimed in awhile back indicating that SPY, QQQ, IWM work better. Overall, I do find the four hour chart on the SPX is a good lead which is why use SPX. All other indices, ETF’s are secondary. It’s just my preference. I also noticed there is a 13 Combo Sell on the daily SPY today going back to June 26th which will record today.

  2. DavidDT says:

    nice to find fellow blogger/trader who uses DeMark
    take a look at current D-Wave

    • Art says:

      Thanks for the link. What are you tracking in DWave?

      • DavidDT says:

        NinjaTrader (for d-wave). Of course D-Wave is almost as subjective as elliot wave, but at least it has got some rules and gives general sense of price direction.
        You are using modified version of Sequence Counter, correct? I do not recall TOS having combo code.
        If you interested – I have TD Range Projections for TOS code.

      • Art says:

        I use EW loosely and I use Dwave for the price projections. I modified the upside projections by taking the price difference between the 61.8% retrace and the actual retrace and add the difference to that projection. The results are more refined. Other priorities are preventing me to finish the work but I like what I see so far. I don’t use Seq. counter but have other tools.

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