Monday, November 24, 2014

More central bank action, this time from China’s PBoC, keeps the market juiced. From a TD indicator perspective, equity markets are extending to some exhaustion points on the weekly charts. These exhaustion points were absent from October’s down draft. Since there is some confluence with the daily charts, some uncertainty and volatility is expected. In hindsight, switching to bullish was the way to go on the short term charts. As a result, tactically staying patient and neutral until the character of the pullback can be judged.


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

Bearish if SPX closes below 2051.80, the bearish price flip on the daily.

Screen Shot 2014-11-21 at 8.06.39 PMThe TDST Support at 2015.86 still has significance, as it matches closely with the bearish price flips on the weekly and monthly SPX.


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

Bearish if SPX closes below 2051.80, the bearish price flip on the daily chart. 

Screen Shot 2014-11-21 at 8.29.46 PMScreen Shot 2014-11-21 at 8.43.34 PM Screen Shot 2014-11-21 at 9.20.57 PM Screen Shot 2014-11-21 at 9.25.31 PMIn an effort to look for stress points in the bullish trend, the upside burst last Friday looks unconvincing if judged by the Nasdaq and the Russell 2000. Contradicting this, the Dow bursted to the upside right after recording a pair of “13’s”. The Dow needs to begin reversing to keep the TD exhaustion signals relevant. The SPX “13” watch is still in progress for TD Sell Countdown “13″, currently at “11”.


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

Bearish if SPX closes below 2018.05 on November 28, 2014. 

Screen Shot 2014-11-21 at 9.29.42 PM Screen Shot 2014-11-21 at 9.34.15 PM Screen Shot 2014-11-21 at 9.38.29 PM Screen Shot 2014-11-21 at 9.39.17 PMThe Nasdaq has recorded a TD Combo Sell “13” last week, and this week can bring a whole slew of “13’s” for the SPX and the Dow if another higher high and higher close come together. The Russell 2000 is still mired in a trading range.


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

Neutral if SPX closes below 1930.67 on November 28, 2014. 


 

Advertisements
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s