Tuesday, January 3, 2017

The first post of the year is more of an update than the changing dynamics going forward into 2017. The S&P 500 (SPX) finally slipped under the 2245.96 TDST Support level. However, the stability of other correlated instruments such as volatility or the  US Dollar suggests the selloff could be brief, before resting lower again. On the daily SPX, the current selloff has a decent chance of recording @9 count on the TD Buy Setup before stalling above 2245.96. If it gets to that point, the charts will be subject to another evaluation.   


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

Neutral if SPX closes above 2249.52 on the close of the session on Tuesday or Wednesday.

screen-shot-2016-12-30-at-6-14-07-pm


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

Bearish if the SPX closes below 2259.53 on Friday, January 6, 2017. screen-shot-2016-12-30-at-6-01-43-pm


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

Neutral if monthly SPX closes below 2168.27 on Tuesday, January 31, 2017. 

screen-shot-2016-12-30-at-5-50-20-pm

Advertisements
This entry was posted in Uncategorized. Bookmark the permalink.

4 Responses to Tuesday, January 3, 2017

  1. Vince says:

    Hi Art, I saw this from healthy wise project. I assume you have the same count for the DOW?

    “With December 2016’s closing bell, the Dow Jones Industrial Average completed a 9-month Demark Sell Setup. This 9-month uptrend (where each monthly close is higher than the close of 4 months prior) is a common turning point for the market. Each major market peak of the last 20 years (2007, 1999) for the Dow Jones and/or the S&P 500 ended on a 9-month Sell Setup. The current situation could be more dire than usual, as this Sell Setup follows on the heels of an 18-month bullish period beginning back in September 2013 – meaning the market is in an extremely bullish phase and ripe for a significant correction. And the S&P 500 has also completed its’ own 9-month Sell Setup in December – similar to the DJIA.”

  2. Gary says:

    Vince,
    What is the “healthy wise project”?
    Thanks,
    Gary

  3. Art says:

    It certainly is — The monthly Dow and SPX are on monthly 9 counts. Monthly Nasdaq and RUT ended 2016 with perfected 8 count. Like to see some healthy neutralization.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s