list.xml"> After reaching the 61.8% retracement level the cash S&P500 index turned down before once again finding support at the confluence of the short (red) and intermediate (blue) moving averages. It wound up being an outside day.
At this point I still believe that the index will reach the target zone of 937 – 946 unless the TD Demand Line can be broken (and confirmed). It sits at 911.09 today. Even with a continuation of the rally that reaches into the target zone I am bearish on the equities due to the recent sell signal on the weekly chart and lack of perfection on the daily chart’s DeMark Buy Setup.
I will post a quick look at the new quarterly chart tomorrow and the monthly chart over the weekend.
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