The impact of last week’s jobs report, ECB were muted, suggesting some pause in the near term. The main hypothesis longer term still remains a choppy market. However, after a modest pullback, the bullish element can be introduced along with the bearish.
S&P 500 (SPX) SHORT TERM OUTLOOK: NEUTRAL
Bearish if SPX closes below 2030.89.
On the 4 hour SPX, TD Sell Countdown and TD Combo Sell have registered their “13” exhaustion points levels denoted by the down blue arrows. Given the daily indices are still trending higher, the 4 hour SPX may exhibit alternating price flips, indicating a sideways pullback.
S&P 500 (SPX) SHORT/INTERMEDIATE TERM OUTLOOK: NEUTRAL
Bearish if SPX closes below 2012.10.
The trending component of TD Sequential, TD Sell Countdown, along with TD Combo Sell, are still intact on the SPX. Any cracks in this trend would show up with a bearish price flip on the active TD Sell Setup, which is currently uninterrupted at 9 + 7 candles. The RUT is already exhibiting sideways behavior.
S&P 500 (SPX) INTERMEDIATE/LONG TERM OUTLOOK: NEUTRAL
Bearish if SPX closes below 1886.76 on November 14, 2014.
S&P 500 (SPX) LONG TERM OUTLOOK: BULLISH
Neutral if SPX closes below 1930.67 on November 28, 2014.