Continuing from last week, the S&P 500 (SPX) made an attempt to trade higher, but it’s consolidating below the 2383.89 TDST Resistance on the four hour timeframe. Until it can break above that level, equities will continue to trade sideways or show us a downside surprise. Also worthy of noting, the daily SPX can record the first price exhaustion signal this week with a TD Sell Countdown @13.
S&P 500 (SPX) SHORT TERM OUTLOOK: BEARISH
Bullish if SPX records two consecutive closes above 2383.89 between Monday, March 20, 2017 and Tuesday, March 21, 2017.
S&P 500 (SPX) SHORT/INTERMEDIATE TERM OUTLOOK: NEUTRAL
Bearish if daily SPX closes below 2365.45 on Monday, March 20 2017
S&P 500 (SPX) INTERMEDIATE/LONG TERM OUTLOOK: NEUTRAL
Bearish if weekly SPX closes below 2367.34 on Friday, March 24, 2017
S&P 500 (SPX) LONG TERM OUTLOOK: BULLISH
Neutral if monthly SPX closes below 2198.81 on Friday March 31, 2017