Wednesday, January 7, 2015

Quick Update: The S&P 500 (SPX) is now in the area where a bounce is probable, as judged by the 4 hour SPX chart. Read the Short Term Outlook for details. Note the weekly outlook on the SPX will turn bearish, since it crossed below 2002.33 today.


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

Switch to neutral if SPX closes above 2020.77

Screen Shot 2015-01-06 at 8.38.33 PMA bounce is probable now that a recorded 9 count TD Buy Setup has completed just above the TDST Support at 1991.75. If the buying lacks enthusiasm between tomorrow and the next few days, expect a transition to TD Buy Countdown. If so, the scope of the next bounce will be relegated towards TD Sequential on the daily SPX.


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