Monday, November 11, 2019

SPX - 3day

3 Day S&P 500 (SPX)
TD Sell Setup @7
TD Sell Countdown @13 (November 8, 2019)
TD Combo Sell @11


As the S&P 500 (SPX) continues to record record highs, the first test is coming upon us. The 3 day, 2 day, and daily timeframes have reached an interim price exhaustion per DeMark counts. The 3 day SPX has recorded a TD Sell Countdown @13 last Friday, November 8, 2019. TD Sell Setup and TD Combo Sell can reach their respective 9 and 13 count late this week.

SPX - 2day

2 Day S&P 500 (SPX)
TD Sell Setup @9 + 2 (Under TD Risk Level 3103.49)
TD Sell Countdown @9
TD Combo Sell @9


The 2 day SPX recorded a TD Sell Setup @9 on Tuesday, November 5, 2019. As long as the 2 day chart stays under the TD Risk Level at 3103.49, the risk is to the downside.

SPX - daily

Consolidation past due
TD Sell Setup @9 + 12
TD Sell Countdown @13 (October 25, 2019)
TD Combo Sell @11


While the daily is exhibiting extraordinary strength, it is unsustainable and a pause is due. The count for the daily TD Sell Countdown is 9, and TD Combo Sell is on count 11, suggesting that full price exhaustion has not been met. If TD Sell Countdown and TD Sell Combo continues to their respective 13 counts, a confluent price target would be the 2nd degree TD Trend Factor at 3135.94.

Under all scenarios, the overall backdrop is bullish, and pullbacks are buying opportunities. If the pullback goes beyond 3029.29 (60m TDST Support), that would be a sneaky sign the bullish rally has doubts. A close below 2986.20 on Friday, November 15, 2019 (weekly bearish price flip) would require the bullish script to be rewritten.

EEM - WeeklyThe weekly iShares Emerging Market ETF (EEM) is presented again untouched from the May 13, 2019 post. If the EEM can begin to work above the 44.55 TDST resistance level, that would notch another bullish confirmation.

Bearish if weekly SPX closes below 2986.2 on Friday, November 15, 2019
TD Sell Setup @3
TD Sell Countdown (not active)
TD Combo Sell @3

Neutral if monthly SPX closes below 2980.38 on Friday, November 30, 2019
TD Sell Setup @3
TD Sell Countdown (not active)
TD Combo Sell @2

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