Quick update before the weekend. The S&P 500 is trading in the support zone, right where the 4 hour SPX chart is recording a TD Buy Setup today. Despite the weekend Crimean referendum, this would suggest the market will find a low today and bide around until next Wednesday’s FOMC meeting. If equities markets do unravel today and close below the weekly price flip at 1838.63, the setup next week becomes dicey.
S&P 500 (SPX) SHORT TERM OUTLOOK: BEARISH
Flip to neutral if SPX closes above 1868.20.
The 4 hour TD Buy Setup has been perfected and the 9th bar should not have any problems completing during mid-session. Once recorded, there is a higher probability the close will see support at the short duration TDST Support clusters between 1839.30 – 1845.42, unless the 9th bar makes a lower low below 1839.30. If that is the case, bar 9’s low will serve as the reference point for support at the close of the day.
S&P 500 (SPX) SHORT/INTERMEDIATE TERM OUTLOOK: BEARISH
Flip to back to neutral with a close above 1868.20, same as short term outlook.
S&P 500 (SPX) INTERMEDIATE/LONG TERM OUTLOOK: NEUTRAL
Flip to bearish if SPX weekly closes below 1838.63 (updated March 10th).
S&P 500 (SPX) LONG TERM OUTLOOK: BULLISH
Flip to neutral if SPX closes below 1805.81 on the last day of March (updated March 3rd).