A 5.5% plus drawdown for the S&P 500 (SPX), and there is alignment for at least a bounce direction higher. The TD Trend Factor at 4972.12 has been recorded. That takes care of the price objective, but the active DeMark counts are still ongoing with a TD Buy Setup @7. Since TD Buy Setup still needs to be ‘perfected’ by having either TD Buy Setup @8 or @9 recording a lower low in the TD Buy Setup indicator, be warned that the SPX can record another lower low during Monday or Tuesday’s session. Looking at the convergence of short term timeframes and the daily SPX, the ideal time would be early Monday.
Note an overnight low was made at 4926.37 as a result of the geopolitical skirmish in the Middle East. Consider 4926.37 as support. A close below 4926.37 would suggest the market would suffer another setback in the near future. If the bottom was made as of the close of Friday, the SPX needs to record a daily close above the 60 minute TDST Resistance level at 5041.97 or record a bullish price flip during the trading week without violating the current low at 4953.56.
There is some extreme rotation going on with the financial sector rallying and the semiconductor sector breaking lower. If the stabilization scenario holds with the SPX maintaining the current low at 4953.56, it’s entirely possible for the Nasdaq (COMP) to lag the SPX by a day or two. This will place a possible Nasdaq low on Tuesday or Wednesday as both the Nasdaq and Semiconductor ETF (SMH) have active DeMark counts at TD Buy Setup @6.
Trade Trekker 
Art, any comments on the move higher in SPX and QQQ ?
There’s a good shot to see new highs this month on both indices. Recall the April 1st blurb on the weekly timeframe. I think we’re seeing that. Secondary case is a long drawn out trading range. I’ll try to expand on it at the end of the week.