The real story is pointing to the Nasdaq (COMP). The weakness has been subtle. Even if the daily Nasdaq drops below the 6121.29 TDST Support level, it may be short lived as the daily TD Buy Setup is currently on count 6. This will set up a rally if the Nasdaq TD Buy Setup records a 9 count around the 6121.29 level. However, if a rally does come, it is going against the weekly Nasdaq price exhaustion levels, which recorded a TD Sell Setup @9 last week. As a result, the best bull case for the Nasdaq is a long duration digestion or consolidation period. The best bear case is for any rally to fizzle and trade below 6121.29. Such a Nasdaq selloff coupled with a S&P 500 (SPX) selloff below the SPX 2398.42 TDST Support level, should indicate more damage ahead.
S&P 500 (SPX) SHORT/INTERMEDIATE TERM OUTLOOK: NEUTRAL
Bearish if daily SPX closes below 2440.35 on the close of Monday, June 19, 2017
S&P 500 (SPX) INTERMEDIATE/LONG TERM OUTLOOK: BULLISH
Neutral if weekly SPX closes below 2415.82 on Friday, June 23, 2017
S&P 500 (SPX) LONG TERM OUTLOOK: BULLISH
Neutral if monthly SPX closes below 2363.64 on Friday, June 30, 2017