QUICK UPDATE: Been awhile since we’ve seen Tom DeMark on the tube. Much of his focus has been on China where he is more in phase in his top and bottom calls. His magic number is 3200 on the Shanghai Index (SSEC), which is a 62% Fibonacci retrace. From there, he mentions additional re-evauation is necessary. Using the weekly Market Vectors China A-Shares ETF (PEK) as a proxy for the Shanghai Index, a standard 61.8% has been applied from a designated bottom on March 21, 2014 to the recent top at June 12, 2015. The Fib retracement lies very near the 44.25 TDST Support. A recorded ‘9’ count, albeit a ‘non-perfected’ TD Buy Setup, should produce at least a temporary bottom. Here is the Bloomberg and CNBC source.
As for the S&P 500 (SPX), the four hour chart turned bullish. Since it has been determined the SPX will go into a trading range (with lots of volatility), following the price flips on the four hour chart is the strategy choice. Given that a bullish price flip has been completed in the first half of trading today, Tuesday July 28, the near term outlook is bullish. FOMC meeting is up next.