Markets remain ultra resilient. However, it’s still not a certainty another bull leg higher is taking place. The daily Powershares QQQ (QQQ) has recorded a TD Sell Setup @ 9, and trading this week will determine if it can lateral to TD Sell Countdown. With the weekly QQQ at price exhaustion levels, the new high last week is not enough to switch to bullish quite yet.
Same with the S&P 500 (SPX), the daily chart is one higher high away from recording a TD Sell Setup @9, and two notches away from recording a TD Sell Countdown @13. However, with the fresh highs made last week, the odds of another leg up are growing. If equity markets are to make any meaningful price correction of 10% or time correction of more than a couple weeks of trading consolidation, then it needs to start showing signs it will happen this week.
S&P 500 (SPX) SHORT/INTERMEDIATE TERM OUTLOOK: NEUTRAL
Neutral until further notice
S&P 500 (SPX) INTERMEDIATE/LONG TERM OUTLOOK: NEUTRAL
Bearish if weekly SPX closes below 2423.41 or Bullish if the close is above 2472.54 on Friday, July 28, 2017