Monday, June 5, 2017

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

SPX - Daily


S&P 500 (SPX) INTERMEDIATE/LONG TERM OUTLOOK: BULLISH

Neutral if weekly SPX closes below 2390.90 on Friday, June 9, 2017

SPX - Weekly


S&P 500 (SPX) LONG TERM OUTLOOK: BULLISH

Neutral if monthly SPX closes below 2363.64 on Friday, June 30, 2017

SPX - Monthly


 

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4 Responses to Monday, June 5, 2017

  1. Gary says:

    Hi Art, Friday was a very interesting day for the Nasdaq. As one chartist observed, “There were classic “blow-off top” signals in multiple names – a new high with a close below the previous day’s low on volume.” On huge volume, I might add. Any exhaustion signals from a DeMark POV?

    • Art says:

      It was interesting. Nothing overwhelming that the Nasdaq selloff will continue. I’m updating the post to address that now.

  2. Gary says:

    So nothing, no NAZZIE, no tech stocks are showing exhaustion on any timeframe? I know that covers a lot, just my gut saying we’re close or at a point of exhaustion.

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