Update to the prelude to the Jackson Hole gathering, along with the Janet Yellen address this Friday. The DeMark TD Sequential counts on both the S&P 500 (SPX) 4 hour and daily timeframe will show price exhaustion signals as soon as Friday. Both are in collusion for a fall. But since the daily TDST Resistance at 1984.85 has been breached, there will be consideration to buy pullbacks yet again.
S&P 500 (SPX) SHORT TERM OUTLOOK: BULLISH
Neutral if SPX closes below 1981.48 at the close of Thursday’s session.
The SPX 4 hour short term timeframe is on a power momentum move, as TD Sell Setup has recorded 17 consecutive bars higher. It is nearing a termination point with TD Sell Countdown and TD Combo Sell closing in on their respective 13’s. The first can occur with TD Combo Sell recording a possible ’13’ on Friday.
S&P 500 (SPX) SHORT/INTERMEDIATE TERM OUTLOOK: BULLISH
Neutral if SPX daily closes below 1955.06.
TD Sell Setup has been ‘perfected’ and can reach a ‘9’ count Thursday, setting up for the beginning of some kind of price give back this Friday. Now with the SPX trading above the TDST Resistance at 1984.85, a pullback under it should result in another run for higher highs.
S&P 500 (SPX) INTERMEDIATE/LONG TERM OUTLOOK: NEUTRAL
Bullish if SPX closes above 1978.34 or bearish if SPX closes below 1925.15 on Friday, August 22nd.
S&P 500 (SPX) LONG TERM OUTLOOK: BULLISH
Neutral if SPX closes below 1872.34 on August 29th.