Thursday, January 28, 2016

QUICK UPDATE: The FOMC said what it needed to say today. Unless the S&P 500 (SPX) can quickly slice through 1850.61, the weekly TDST Support, it’s a bit of a challenge to be overtly bearish short term at this time. On the four hour SPX chart, the second price exhaustion signal, TD Buy Countdown, is one count away from a ’13’. With this price action occurring above 1850.61, the tendency here is to chop higher. Note that even though the recent closing bar’s close is lower than the low of the previous two bars, TD Buy Countdown @13 will be deferred until the SPX is equal to or lower than bar 8’s close as illustrated in the chart. Screen Shot 2016-01-27 at 8.56.28 PM

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2 Responses to Thursday, January 28, 2016

  1. Gary says:

    Thanks, Art. It’s been my thesis the biotechs are a very good tell for the overall market. How do the DeMark indicators look for IBB these days?

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