Wednesday, November 2, 2016

The low of the S&P 500 (SPX) touched the daily 2097.90 TDST Support. However, the odds of the market unraveling are not that great given the current TD Buy Setup @6 is nearing completion near the TDST level. If a TD Buy Setup @9 is recorded, and the SPX straddles the 2097.90 TDST Support level in the days ahead of the recorded @9, then the propensity of breakdown remains. Until then, the possibility of a rally to new highs can occur, but it needs to do so this month to keep the monthly TD Sell Setup momentum going. The minimum monthly close needs to 2173.60.


S&P 500 (SPX) SHORT/INTERMEDIATE TERM OUTLOOK: NEUTRAL

Neutral until further notice.

screen-shot-2016-11-02-at-12-11-26-am


S&P 500 (SPX) INTERMEDIATE/LONG TERM OUTLOOK: NEUTRAL

Neutral until further notice.

screen-shot-2016-11-01-at-11-50-14-pm


S&P 500 (SPX) LONG TERM OUTLOOK: BULLISH

Neutral if monthly SPX closes below 2173.60 on Wednesday, November 30, 2016. 

screen-shot-2016-11-01-at-6-41-25-am




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2 Responses to Wednesday, November 2, 2016

  1. Gary says:

    Art, could you reiterate what a “qualified” break on the daily chart would look like? It’s a close below the 2097.90 level, a next close above, and then a second close below which qualifies the break?

    • Art says:

      Generally two consecutive closes below the TDST Support @2097.90. The context here is today’s bar has already perfected the TD Buy Setup with a 8 count. So a low today or tomorrow will be expected. If this ‘low’ materializes, then the next direction is judged by the characteristics of the response of the TD Buy Setup @9.

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