Now that the S&P 500 (SPX) has traded to new highs, the consensus is for more even more highs. However, the sticking point is that the SPX is pressing at price exhaustion levels on both the daily and weekly levels starting from last week and continuing this week. The designated target derived from the TD Trend Factor at 2432.98 has been overshot, but not enough to deter the overall picture that the market is vulnerable to a pullback considering the daily TD Sell Setup can record a 9 at the close of Monday. The longer term picture from the monthly perspective still shows strong momentum now in its 15th month.
S&P 500 (SPX) SHORT/INTERMEDIATE TERM OUTLOOK: BULLISH
Bearish if daily SPX closes below 2412.91 on the close of Monday, June 5, 2017
S&P 500 (SPX) INTERMEDIATE/LONG TERM OUTLOOK: BULLISH
Neutral if weekly SPX closes below 2390.90 on Friday, June 9, 2017
S&P 500 (SPX) LONG TERM OUTLOOK: BULLISH
Neutral if monthly SPX closes below 2363.64 on Friday, June 30, 2017