Although momentum is slowing we had another up trending price bar Wednesday on the cash S&P500. We are now at day eight of a potential TD Sell Setup. The setup was perfected yesterday and so only a closing price today below 940.38 will prevent it from occurring -- this will be the next short-term item to watch for.Right now the daily chart is bullish (with the most immediate upside target at 968) but we've now run up against the monthly short term moving average (see the June update post of July 4th) at 962. Any decline from here will be a pullback in the new up leg that began on July 8.
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