More clarity will come to the markets this week as the presidential election results should come this Tuesday. Currently, the overall market scenario has a bearish tilt. The S&P 500’s (SPX) daily chart exemplifies this with the back to back drop below the 2097.90 TDST Support level. However, the recorded daily TD Buy Setup @9 tells us a bounce is due and at least temporarily trade above 2097.90. If the bounce looks more like a bullish reversal, the SPX must eventually break through the 2151.44 TDST Resistance level. If the SPX continues to trade below 2097.90, then the weekly SPX chart suggests a a more meaningful bounce can occur a month from now.
S&P 500 (SPX) SHORT/INTERMEDIATE TERM OUTLOOK: NEUTRAL
Continued to opt out to Neutral until further notice.
S&P 500 (SPX) INTERMEDIATE/LONG TERM OUTLOOK: NEUTRAL
Bearish if the SPX closes below 2085.18 (previous week close) on Friday, November 11, 2016.
S&P 500 (SPX) LONG TERM OUTLOOK: BULLISH
Neutral if monthly SPX closes below 2173.60 on Wednesday, November 30, 2016.