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.
S&P 500 (SPX) INTERMEDIATE/LONG TERM OUTLOOK: NEUTRAL
Bearish if the SPX closes below 2259.53 on Friday, January 6, 2017.
S&P 500 (SPX) LONG TERM OUTLOOK: BULLISH
Neutral if monthly SPX closes below 2168.27 on Tuesday, January 31, 2017.