Despite the solid selloff last Wednesday, May 17, 2017, a follow-through selloff never materialized. However the S&P 500 (SPX) recent low of 2352.72 should be retested. If that test comes along with a breach of the Russell 2000 (RUT) TDST Support at 1349.43, that should signal trouble for the bullish structure. If it turns out the SPX 2352.72 was a low and ends up making new highs, full price exhaustion counts on the weekly SPX can be realized in a minimum of two weeks from now. A weekly SPX TD Sell Setup @13 right at the 2432.98 TD Trend Factor target would raise the probability of a more significant reversal.
S&P 500 (SPX) SHORT TERM OUTLOOK: BULLISH
Bearish if four hour SPX closes below 2365.44 on Monday, May 22, 2017
S&P 500 (SPX) SHORT/INTERMEDIATE TERM OUTLOOK: NEUTRAL
Bearish if daily SPX closes below 2365.44 on the close of Monday, May 22, 2017 or 2357.03 on Tuesday, May 23. 2017
OR Bullish if daily SPX closes above 2400.67 on Monday, May 22, 2017.
S&P 500 (SPX) INTERMEDIATE/LONG TERM OUTLOOK: BULLISH
Neutral if weekly SPX closes below 2384.20 on Friday, May 26, 2017
S&P 500 (SPX) LONG TERM OUTLOOK: BULLISH
Neutral if monthly SPX closes below 2278.87 on Wednesday, May 31, 2017