Even though the Nasdaq Composite (COMP) has been taking some huge hits lately, chart wise, it is very similar to the S&P 500 (SPX). From the weekly chart, the Nasdaq just needs to ‘perfect’ the existing TD Buy Setup by recording a print at 4313.39 or lower. Chances are, it will do so above the marked TDST Support level at 4075.70. Much like the SPX’s 1850.61 TDST Support level, this provides some clues that an all out bear market is not ready to begin just yet. Besides the Nasdaq, there are many related indices such as XOI, JNK, EEM, PEK that are recording 9’s and 13’s on their respective weekly and monthly charts.
S&P 500 (SPX) SHORT TERM OUTLOOK: NEUTRAL
Bullish if four -hour SPX closes above 1915.18.
S&P 500 (SPX) SHORT/INTERMEDIATE TERM OUTLOOK: NEUTRAL
Bearish if daily SPX closes below 1850.61.
S&P 500 (SPX) INTERMEDIATE/LONG TERM OUTLOOK: BEARISH
Neutral if weekly SPX closes above 1880.33 on Friday, February 12, 2016.
Nothing has really changed over the course of last week’s trading. The bearish momentum is still intact. However, the weekly SPX is still holding above the 1850.61 TDST Support level, which favors the bullish side.
S&P 500 (SPX) LONG TERM OUTLOOK: NEUTRAL
Bearish if monthly SPX closes below 1850.61, the weekly TDST Support level on Monday, February 29, 2016.