Thursday, January 23, 2014

Lots of economic data to chew on today. Overnight, S&P futures traded south as soon of the HSBC flash PMI for China posted in contraction territory with a 49.6 print. Futures accelerated losses (-9) before the cash opening and the bears have yet another opportunity to do some damage. 

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

Bearish with a SPX mid-day close below 1839.08 and end of the day close below the mid-day close. Bullish above 1848.38.

ImageImageThe 4 hour SPX chart came one count short of duplicating the 2 hour chart with a TD Sell Countdown @13. The 4 hour will also price flip bearish if the mid-day close is below 1839.08, and it will be the first negative close in five days, which will give an edge to the bear camp. Closing near 1826.61 EOD will certainly help push the momentum to the bears. 

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

Back to neutral if SPX closes above 1848.38. 

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

Bullish if weekly SPX close > 1850.
Bearish if weekly SPX close < 1841.40, weekly Dow Industrials (DJI) weekly close < 16,478.41, weekly Nasdaq (COMPQ) close < 4156.59, weekly Russell 2000 (RUT) close < 1169.09.
OR
Bearish if weekly SPX close < 1810.

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

Switch to neutral with a January close below SPX 1681.55. After January, stop levels will be raised in accordance to price flip levels. (updated January 2nd)

 

 

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