Monday, October 14, 2019

SPX- 2 hourSPX - DailyThe US/China trade deal cycle continues. The S&P 500 (SPX) traded high enough to present a bullish case if the SPX can break above 2992.53 The 2992.53 level is not a true TDST support level though. It was derived by the October 1st bearish price flip on the two hour SPX. It had all the characteristics of a TD Buy Setup except the final 9 count was not recorded as the potential 9 count was countered with a bullish price flip. Currently, the two hour SPX has recorded a TD Sell Setup @9 + 3 beneath the TDST Support level. From here, the SPX is expected to at least consolidate. As long as the consolidation does not turn into a deeper selloff below the 2907-2910 levels, bullish forces are still alive. The 2907 – 2910 levels are essentially TDST Support levels for the 30 minute and 60 minute SPX timeframes. The 30 minute TDST Support level is at 2907.41 and the 60 minute TDST Support level is at 2910.72. Trade below those levels initiates the bearish conversation again. Ultimately, the daily SPX TDST Support level at 2887.94 is the major support level.

 

SPX - WeeklyNote the weekly bullish price flip for the SPX is at 2992.07, adding significance to the unofficial 2 hour TDST Resistance level at 2992.53.


 

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