Tuesday, October 8, 2013

S&P 500 (SPX) SHORT TERM OUTLOOK: BEARISH

It appears the dip buyers have finally relented.Image

The 4 hour chart of the SPX have been absent of any TD Setups but it looks recharged today as dip buyers have relented and this TD Buy Setup actually looks actionable. There are a couple of Fibonacci support levels around 1666 but having that support fail will be a sign that the TD Buy Setup structure is gaining momentum. 

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S&P 500 (SPX) SHORT/INTERMEDIATE TERM OUTLOOK: BEARISH

SPX and related indices have price flipped bearish harder than the previous collective effort. ImageImageImageImage

There is finally a realization that Congress will not reconcile anytime soon. As a result, TD Buy Setup started up at yesterday’s close on the indices and with today’s lower low, the momentum to the downside may be gaining steam. The indices are still fragmented but if they fall in unison as they are now, this falls in favor of the bears in the near future.

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S&P 500 (SPX) INTERMEDIATE/LONG TERM OUTLOOK: NEUTRAL

Will officially flip to bearish if weekly logs a close below 1687.99 this week. (last updated October 7th)

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S&P 500 (SPX) LONG TERM OUTLOOK: NEUTRAL

Market is extended and within’ the risk level parameters of the 9 and 13 TD Sequential clusters in April and May. (last updated September 30th)

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Dueling press conferences are still the main drivers of price but if hope of any kind of bargain on the debt ceiling cannot prop prices higher, that will be a good clue of sentiment shift. 

 

 

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