It was a decidedly bullish day again yesterday with respect to the cash S&p500. The move through the 1062.74 and 1063.01 levels cancels the TD Combo “sell” signal on the weekly chart. With a victory on that battlefield the bulls now have to see what they can do about the potential 9-13-9 “sell” pattern brewing on the daily chart although the more bullish weekly chart does take a bunch of the “sting” out of this signal if it were to complete. To get bar #8 today requires a close above 1042.73.Bottom Line: Still bullish until after September 21 (Autumnal Equinox) at which time I will re-evaluate. What I can say right now is that it would take a move below the September 2 low to change my view to bearish.
P.S. on the World Gold Index. On the daily chart we have perfected a 9 bar TD Sell Setup and completed a TD Sequential “sell” countdown. The calculated risk level is at 1029.6. We reached 1022.3 yesterday. The TD Demand line is at 999.53 and will be qualified if broken and a move below 1006.6 will “flip” the price trend. The price action continues to look like it wants to make a double top with the February high. However; being a longer-term trader/investor the bullishness on the monthly chart will not let me take any bearish action here. If I was long I would be thinking about my stops (999.53?) very carefully.
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