Monday, June 26, 2017

Nasdaq daily

The current trading environment is still flat on the S&P 500 (SPX) despite the one higher close recorded last week. Ultimately, the tech heavy Nasdaq (COMP) continues to hold the cards for all markets. A technical breakdown can be avoided if the Nasdaq can avoid closing prices below the daily TDST Support at 6121.29.


S&P 500 (SPX) SHORT/INTERMEDIATE TERM OUTLOOK: BEARISH

Neutral if daily SPX closes above 2439.07 (weekly price flip) on the close of Monday, June 26, 2017

SPX daily


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

Neutral if weekly SPX closes below 2439.07 on Friday, June 30, 2017

SPX weekly


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

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


 

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6 Responses to Monday, June 26, 2017

  1. p says:

    Hi Art, thanks so much for sharing TD insights all the time. Today saw the SPX closing exactly at 2439.07. Is it still bearish as it didn’t close above? Or does the SPY give you a clearer picture?

    • Art says:

      Good question. Since the bearish to neutral positioning is based on the weekly chart, the explanation is long. Just to simplify everything, technically the daily SPX price flipped bullish. The 2439.07 level was put in place to try to avoid whiplashes. Therefore the exact close at 2439.07 doesn’t change anything. If bullish, stay bullish. If bearish, stay bearish. Since the 2439.07 is the weekly price flip level, you can utilize that as the defining bull/bear level for the rest of the week.

      • p says:

        Thank you! I don’t dare to learn DeMark analysis. Too complex for me. I just appreciate your kind interpretation 🙂

  2. Gary says:

    Art, the Naz Composite traded below the 6121.29 level but obviously closed above it. For a break below to be qualified, don’t we have to see an up day today (Friday) and then a close below 6121.29 on Monday?

  3. Gary says:

    I should add another question – aren’t we nearing a ‘9’ buy setup count on the Composite? And if above the 6121.29 level, shouldn’t that turn us bullish on the index?

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