Thursday, September 12, 2013

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The daily S&P 500 (SPX) TD Sell Setup has been ‘perfected’ by recording a high that has exceeded bar 6 and bar 7 today. The shorter duration 2 hour chart is one count short of recording a 13 on TD Sell Countdown. Now that the markets are in the price exhaustion window, the first order is to record a bearish price flip on the 4 hour chart below 1684.09 at the end of the day to keep the confidence that the downside is on course. A longshot but a close below 1667 ( 8 day MA ) will serve as my sell trigger. On the short term bullish side, another high above 1690 will mean the final 9 count daily TD Sell Setup and the SPX 1695ish targets will matter will matter. 

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Positioned short vs a stop at the high of the day at SPX 1690. Also, the McClellan Oscillator that was presented yesterday did register a +150 reading which evens up the bearish/bullish case. So while some sort of selloff is due, I am tempering my expectations down a notch. (updated intraday)

 

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