It’s becoming more probable that any significant price action for the S&P 500 (SPX) will begin in the beginning of January of 2017. Going into a narrative, the 30/60 minute chart’s TDST Support (2245.96/2254.19) needs to hold to give the SPX a chance to march higher. If successful, another higher high is likely, but may not last long. Given the repetitive media call to see Dow 20,000, seeing a Dow 20k along with a higher high in the SPX, a subsequent selloff would fit nicely with the weekly TD Sell Setup. In the event the SPX decides to selloff without another higher high, and breaks under the 2245.96/2254.96 levels, then the daily TDST Support at 2191.95 comes into play.
S&P 500 (SPX) SHORT/INTERMEDIATE TERM OUTLOOK: NEUTRAL
Bearish if SPX closes below 2254.19 and trades below 2245.96 any day this week.
S&P 500 (SPX) INTERMEDIATE/LONG TERM OUTLOOK: NEUTRAL
Bearish if the SPX closes below 2213.35 on Friday, December 30, 2016.
S&P 500 (SPX) LONG TERM OUTLOOK: BULLISH
Neutral if monthly SPX closes below 2170.95 on Friday, December 30, 2016.