Monday, August 7, 2017

The US Dollar Index (DXY) had all the ingredients to trend higher, but something happened in late 2016. Even though the monthly DXY was well into the TD Sell Countdown phase, it was halted with a bearish engulfing candlestick on January 2017. Looking closer at the weekly DXY in January 2017, after recording a TD Sell Setup @9, the DXY powered higher, but not enough to take out the risk level around the 103 level. The DXY subsequently sold off. Currently the weekly has taken out the 95.422 TDST Support level which is now suggesting even a lower dollar. The DXY is expected to eventually take out long term support established since May of 2015. This is easily seen on the monthly chart.

dxy - monthlydxy - weekly

For the S&P 500 (SPX), consolidation with a bullish bias is still supreme unless the weekly SPX can turn bearish by closing below 2459.27. Close below the daily TDST Support at 2425.52 will especially be a problem.

NOTE: This could be the last post until late September. If time permits, a short quick update may come up.


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

Neutral until further notice

spx -daily


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

Neutral if weekly SPX closes below 2459.27 on Friday, August 11, 2017

spx - weekly

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

Neutral if monthly SPX closes below 2384.20 on Thursday, August 31, 2017

spx - monthly


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