The daily S&P 500 (SPX) ended the week weaker, but it’s resolving in a tight range which sets up for another bullish spurt. However, the TD counts are maturing on the daily and the weekly SPX. The TD Trend Factor at 2432.98 still remains a viable target in 2-3 weeks. Looking at the related daily indices, Russell 2000 (RUT) and the Nasdaq Composite (COMP), they also both support the SPX. The RUT’s TDST Support at 1349.43 remains as a solid line of price support. The COMP is undisputedly bullish, and the weekly chart (not shown) nearly coincides with the weekly SPX for price exhaustion in a few weeks. If the SPX begins to probe below 2348.69 (weekly SPX price flip) this week, a different stance will be taken.
S&P 500 (SPX) SHORT TERM OUTLOOK: NEUTRAL
Bearish if four hour SPX closes below 2383.89 or bullish if four hour SPX closes above 2396.92 on Monday, May 15, 2017
S&P 500 (SPX) SHORT/INTERMEDIATE TERM OUTLOOK: NEUTRAL
Bullish if daily SPX closes above 2396.92 on Monday, May 15, 2017
S&P 500 (SPX) INTERMEDIATE/LONG TERM OUTLOOK: BULLISH
Neutral if weekly SPX closes below 2348.69 on Friday, May 19, 2017