Copper futures (HG)looked very dire back in early March when it dropped precipitously under the $3 bull/bear level. It also signaled a big weekly counts were going to recycle lower. In hindsight, it signaled a delayed bottom. Now copper is trending higher as it is trading above the 3.137 TDST Resistance level. Copper was expected to be sluggish at best, but this move higher is beginning to put doubts in that thought.
Market Update: The TD Trend Factor at 1979.79 has been tested on the S&P 500 (SPX). There are price exhaustion indications from the SPX and now the Nasdaq. The probability is high for a reversal. Tomorrow’s jobs report will be a good catalyst of which way equities want to run. Markets are still bullish, but warrants extreme caution.
S&P 500 (SPX) SHORT TERM OUTLOOK: BULLISH
Neutral if SPX cannot close above 1979.49.
S&P 500 (SPX) SHORT/INTERMEDIATE TERM OUTLOOK: BULLISH
Neutral if SPX closes below 1957.22.
Here is the DeMark TD Sequential/TD Combo inventory on the daily charts. SPX has recorded all “13’s” The Dow is one or two higher highs away from a “13” confluence. The Nasdaq reach a TD Sell Countdown and a TD Combo Sell “13” on the close yesterday. The Russell 2000 (RUT) also reached a TD Sell Countdown “13″, but isn’t qualified since the RUT traded beneath the 1103.93 TDST Support. Using strict DeMark rules, that should rule out the notated “13”. It is notated simply to narrate a “what if” scenario.
S&P 500 (SPX) INTERMEDIATE/LONG TERM OUTLOOK: BULLISH
Switch to neutral if all of the following occurs on July 3, 2014: SPX closes below 1949.44, Nasdaq closes below 4321.40, Russell 2000 (RUT) closes below 1165.21 (updated June 30, 2014).
S&P 500 (SPX) LONG TERM OUTLOOK: BULLISH
Switch to neutral if SPX closes below 1859.45 on June 30th (updated June 2nd).