News alert: Congress functions. Somehow days before the deadline for a budget framework, Congressional leaders were able to come up with a promising compromise. Maybe there is something in that cold arctic air. As of now, the bear trigger still lies at SPX 1785.02. The SPX 1800 level will have more significance closer to the end of the week as it will reverse the weekly TD Sell Setup. More push/pull data is needed.
S&P 500 (SPX) SHORT TERM OUTLOOK: NEUTRAL
The likely scenario is more choppy action. There is confluence in all timeframes 2 hours and under between SPX 1808.33 – 1811.34. If the market decides to pull ahead above 1811.34 today, that will signal at least a short term change in character to the bullish side.
S&P 500 (SPX) SHORT/INTERMEDIATE TERM OUTLOOK: NEUTRAL
The recorded TD Sell Countdown @13 on the SPX has relevance so far to the bear case but there is no confirmation from the 13 on the QQQ. The QQQ, post 13, is somewhat bullish. One bearish feature comes from the Russell 2000 (RUT). It was the first major index to record a bearish price flip so there are some cracks that support an eventual trend lower.
S&P 500 (SPX) INTERMEDIATE/LONG TERM OUTLOOK: BULLISH
Switch to neutral with a close below SPX 1798.18. (updated December 9th)
S&P 500 (SPX) LONG TERM OUTLOOK: BULLISH
Will flip back to neutral with a monthly close under the January price flip level of SPX 1681.55. (updated December 1st)