Equity markets remain resilient in the face of the TD Sequential and TD Combo price exhaustion signals. For now and since the recent bottom, we will remain in neutral status, as the weekly charts get closer to their own price exhaustion signals.
S&P 500 (SPX) SHORT TERM OUTLOOK: BEARISH
Change to neutral if SPX closes above 2075.46.
The drop yesterday is supported by the cluster of price exhaustion signals on the 4 hour SPX. However, to give some notion that this initial bearish downturn has energy, the 2049.35 TDST Support needs to be broken.
S&P 500 (SPX) SHORT/INTERMEDIATE TERM OUTLOOK: BEARISH
Change to neutral if SPX closes above 2075.46, same as Short Term Outlook.
All major indices have recorded bearish price flips yet again, but the SPX is doing it’s best to correct sideways. For the Dow, it went into another leg higher after recording a pair of 13’s, while the Russell 2000 (RUT) struggles to move higher after recording a TD Sell Countdown “13”.
S&P 500 (SPX) INTERMEDIATE/LONG TERM OUTLOOK: NEUTRAL
Bearish if SPX closes below 2039.82 on December 12, 2014.
The weekly SPX is one count away from recording a “13” on TD Sell Countdown. If completed, it will join TD Combo Sell “13” and provide a stronger argument that being bullish becomes increasingly tenuous.
S&P 500 (SPX) LONG TERM OUTLOOK: BULLISH
Neutral if SPX closes below 2003.37 on December 31, 2014.