Since the weekly TD Sell Setup was perfected on June 1 the market has gone sideways for nine sessions; Friday being one of them. This consolidating price action continues to be well depicted by the TD Supply and Demand Lines (the red and green dashed lines on today’s chart). The Supply line is at 955.58 but can not be qualified today while the Demand line is at 930.26 and would be qualified if broken.
Both the cash S&P500 and the CRB Index made major lows about the same time in March so I am monitoring the commodities closely. On Friday the RSI formed a bearish divergence with price generating a “sell” signal. We have had a TD Combo "sell" (now awaiting a bearish flip) on that index and the TD Sequential is on day 12 (of 13) towards a "sell". I suspect that the CRB and equities will reverse together, and the CRB is saying that development is imminent.
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