Friday, November 22, 2013

Updates include weekly charts. Next week is a short trading week and heavier resistance points will be present. More caution is warranted. 

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

Flip to neutral with a close below SPX 1791.53 (daily SPX price flip)Image

At this rate, a scarier selloff is in the cards if the 4 hour TD Sell Setup records a 8/9 count at/near SPX 1820. This should finish prior to the Thanksgiving holiday next Wednesday. 

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

Melt-up continues but the inflection points are stacking up. ImageImage

The SPX is about 2 days away from completing a 13 count TD Sell Countdown. This will roughly match the short term SPX 4 hour chart timeline. Still keeping an eye for a possible reversal/underperformance on the Dow. A 16,030.28 print will ‘perfect’ the TD Sell Setup and a close at/above 16,016.85 will complete the TD Sell Countdown @13. The outlier is the RUT. It just re-ignited a fresh TD Sell Setup so that needs to be accounted for the bull case. 

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

All major indices have unbroken TD Sell Setups. ImageImageImageImage

The Dow winning streak continues and if there is a break in the TD Sell Setup @5, it should come next week since the daily chart of the Dow is at a potential reversal. If there is a reversal in the Dow, a weekly loss to 15,615.55 would be acceptable for the continuation of the overall bullish trend. Overall support for the bull case will continue as long as the indices have active TD Sell Setups. The TD Sell Setup for the RUT is close to the comfort zone but a close today above 1118.34 will keep the TD Sell Setup family in unison. 

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

SPX has decisively closed above the May highs and current TD Sell Setup @9 + 7 remains unbroken. Will flip back to neutral with a monthly close under 1685.73. (updated November 4th)

 

 

 

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