Monday, September 23, 2013

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The media analysts are beginning to recognize uncertainty for the S&P 500 (SPX) since the market has taken back all of last Wednesday’s gains. While much of the focus of the SPX will be on 1700, a close today under 1704.76 will record a bearish price flip on the daily and help tilt the bull/bear picture to the bear’s side. The majority of the short duration charts have TDST support clustered between 1682.22 – 1685.62. Taking the most conservative level, a close under SPX 1682.22 in the near future should bring out more bears. Image

The Russell 2000 (RUT) is holding relatively well. If the RUT continues to show non-confirmation relative to the SPX, then my expectations for major downside losses will be continue to be tempered.  

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Last Friday had the SPX weekly and the related indices trading on fresh TD Sell Setups. I was alerted about the SPDR S&P 500 (SPY) weekly chart yesterday as it recorded a 13 count TD Sell Countdown last week. My primary focus is on the SPX but having the SPY weekly produce a 13 will force me keep my eye on this alternative price exhaustion signal. 

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Bullish and bearish elements are still there so following the price is my best strategy right now. Will continue to stay short but I would like to see a close near the lows for the SPX. The RUT needs to show more weakness as well. (updated intraday)

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