Non-farm payrolls printed 74k, much less what was anticipated. S&P futures were up 10 points pre-release and S&P cash is marginally positive. While the real reaction to the markets could still come next week for the arrival of earnings season, the bears have the opportunity to seize the weak payroll report. If the SPX continues to hold in a range, a new bullish outlook will have to be considered.
S&P 500 (SPX) SHORT TERM OUTLOOK: NEUTRAL
The SPX 2 hour chart still can qualify the TD Sell Countdown @13 near 1850. This is the area where a projected double top may occur. More bearish proof is if the SPX fails and breaches 1825.27 intraday. If the double top projection is false, the SPX 1850 level will break on the upside and hold as new support.
S&P 500 (SPX) SHORT/INTERMEDIATE TERM OUTLOOK: NEUTRAL
Flip to bearish with SPX closing below 1826.77 (updated January 9th).
S&P 500 (SPX) INTERMEDIATE/LONG TERM OUTLOOK: NEUTRAL
Bearish if SPX weekly closes below 1805. If outlook remains neutral at the end of the week, stops will gradually rise along with a potential change to bullish. (updated January 6th)
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)