Wednesday, October 29, 2014

Screen Shot 2014-10-28 at 8.28.05 PMThe power of the FOMC is shown above with 4 trillion dollars on the Fed balance sheet. Today is Fed day and Quantitative Easing (QE) is about to end. Currently there are bullish factors at work with upside breadth being so strong. This could translate into new highs but we’re sticking with choppy – opportunities both long and short.


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

Bearish if SPX closes below 1961.30. 

Screen Shot 2014-10-28 at 8.53.18 PMThe 4 hour SPX is in TD Sell Countdown mode and it has cleared the TDST Resistance at 1968.72. While sticking with a bearish bias, closing above the weekly and monthly outlook thresholds will swing the edge to the upside.


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

Bearish if SPX closes below 1961.30, same as Short Term Outlook. 

Screen Shot 2014-10-28 at 9.02.46 PMScreen Shot 2014-10-28 at 9.06.49 PMThe Russell 2000 (RUT) is displaying signs that this rally can continue with the recent bar breaching the TDST Resistance at 1146.92. However the SPX should be able to record a TD Sell Setup @9 today, likely under its TDST Resistance at 2010. 40, providing bears some equal billing. At this point, it is best to see what the market provides.


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

Neutral if SPX closes above 1967.90 on October 31, 2014. 


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

Neutral if SPX closes below 1960.23 on October 31, 2014. 


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