Monday, July 10, 2017

The Powershares QQQ (QQQ) was on a TD Buy Setup @ 7 before Friday’s jobs numbers, but the rally was good enough to end Friday’s session with a bullish price flip. The inability for the Q’s to record a TD Buy Setup @ 9 suggests market indecision. The Nasdaq Composite (COMP) recorded two of three bars closing under the 6121.29 TD Support level before price flipping bullish. This also aligns with the Q’s supporting a directionless market.

qqq - dailynasdaq daily

Projecting forward for all indices, but using the Nasdaq and the S&P 500 (SPX) as prime examples, weekly charts are at price exhaustion levels. Strong rallies should be capped. From daily charts, all the TDST Support levels have been challenged, but there has been no selling follow through. Everything continues to suggest range bound trading. However, directional bias is not static as volatility could come this week. There are hosts of potential catalysts with the beginning of earnings season and Janet Yellen’s testimonies to the House and Senate.


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

Neutral until further notice

SPX -daily


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

Neutral if weekly SPX closes above 2433.15 on Friday, July 14, 2017

SPX - weekly


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

Neutral if monthly SPX closes below 2362.72 on Monday, July 31, 2017


 

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11 Responses to Monday, July 10, 2017

  1. Gary says:

    From a DeMark user:
    1 by 1, the daily and weekly DeMark counts/levels on $SPY, $QQQ, $IWM are turning bullish. Credit bears never came out during QQQ air pockets.

  2. Gary says:

    Art, do you think you can take a look at some commodity indices from both a short and long term perspective? I’m sensing a turn may be near – thanks

  3. CryptoEnthusiast says:

    Art, I found your blog while searching for TD Sequential Indicators. I must say I’ve learnt a lot from that post and comments.

    I’ve noticed you’ve listed Bitcoin as a tag on your blog and would be interested to know if you had to time to post your T.A on Bitcoin.

    Regards.

    • Art says:

      I don’t post charts anymore since it’s a manual process. If I can find a chart where it notate effortlessly, I’ll give it a go again. For my current analysis: Using bitStamp, the weekly is on a TD Buy Setup @4. So that’s showing bearish momentum. However, the daily chart recorded a TD Buy Setup @ 9 on July 15, and it looks like it is trying the rally. My take is if the weekly can record a bullish price flip before it records a TD Buy Setup @9, that would be a bullish bias. Even better is if the daily bitStamp can trade above the daily TDST Resistance at 2600 on bitStamp.

      • CryptoEnthusiast says:

        I can understand & respect why you don’t post them anymore as it requires some level of attention.

        Here’s a friends trading view chart (https://www.tradingview.com/chart/7fsxY6qE/) and I hope you could share your T.A on Bitcoin on a regular basis if you do find it effortless to post.

        There’s been some great fundamental news (BIP91) and that’s why we’re currently sitting above 2600.

        May I know which all overlays & indicators do you use to dress up & read your chart? I’m an intermediate chart reading who need to open either a tradingview or TOS account to get better at analysis chart.

        Regards.

      • Art says:

        Thanks for showing me this. When I have some time, I’ll see if I can tweak this. For the blog , I only use TD Sequential, TD Combo (strict version), and Bollinger/Keltner volatility indicator.

  4. Gary says:

    From another DeMark user:

    DeMark Counts Update on $QQQ

    Daily: will print yet another TD Sell Setup with a Wednesday close above 141.01. How to interpret: buying pressure remains strong; a 1-4 bar pause/pullback is expected on the way higher to a Countdown Sell 13 completion. What will invalidate the above? A completed TD Buy Setup, i.e. a 9 count to the downside.

    Weekly: 3-bars pullback off of 6/16 completed TD Sell Setup worked to perfection; Approaching secondary exhaustion (“Risk Level”) (at $143.41) of last completed Countdown Sell 13 (on 5/19/17). How to interpret? A qualified break of Risk Level is the only indicator containing a new leg higher. Bears need significantly lower prices to change posture of weekly chart in their favor.

    Monthly: Price already trading above Risk Level ($136.83) of last Countdown Sell 13 (on 2/28/17). If July close is above $137.64, and Aug 1 has a higher open and a print above that higher open, the Risk Level will break on a qualified basis, leaving bears with no help.

  5. Bernardo Franco says:

    Art,

    I am missing your great work.

    Will you skip this week’s analysis?

    My best regards,

    Bernardo

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