A New Week Begins

After a downtrending day on Friday the cash S&P500 appears to be in a weak position. If the L1 Beta pulse completed at Thursday’s low then the short-lived rally into Thursday’s high was the L1 Delta and the X pulse is now underway -- and should extend further downwards. On the other hand; if Beta is not yet complete, then it is very long-lived and points to an imminent Delta bounce upwards that is almost guaranteed to fail at making a new high.

We did reach the first TD Trend Factor price objective (purple bar at 878.45) Friday. This is also where the Level 2 Beta – X trendline (green line) can be found. If we can’t hold here the next support level is from 867 – 870. 870 is in opposition to 930 on the Square on Nine.

The experimental trade position remains short from 897.34; stop & reverse at 930.17.