The perfect Tom DeMark bear setup was thwarted off as the S&P futures and cash markets did not break their respective levels (1762.20 futures, 1767.20 cash) yesterday. This does not diminish the importance of those levels but the active daily TD Buy Setups are about to run out of time.
S&P 500 (SPX) SHORT TERM OUTLOOK: NEUTRAL
SPX 1767.99 is still the bear trigger. Bull trigger on hold.
A bullish price flip today on the SPX (1788.92 mid-day, 1792.44 EOD) will signal a bullish retracement potentially up to the TD Propulsion Threshold level at 1818.68. This level has company as it is confluent with the 61.8% Fibonacci level and the 50 day moving average.
S&P 500 (SPX) SHORT/INTERMEDIATE TERM OUTLOOK: BEARISH
Switch to neutral if all the following indexes price flip at the close: SPX 1790.29, Dow 15,879.11, QQQ 86.74, RUT 1144.13.
S&P 500 (SPX) INTERMEDIATE/LONG TERM OUTLOOK: BEARISH
Neutral if SPX weekly closes above 1842.27, most recent high close (updated January 27th.)
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)