Friday saw another up trending day in the cash S&P500 market. The positive price action also confirmed Thursday’s qualified breakout above the TD Supply Line (down sloping dashed red line on the chart) and projects to a target of 1101.15.Please notice the dashed, cyan colored line on the chart at 1088.34. This is the risk level associated with the TD 9-13-9 signal of September 18. We certainly have consolidated since that signal and a qualified break of the risk level would imply the correction/consolidation is over. With price still below this level and momentum failing on all indicators (RSI, Composite, Derivative Oscillator) on both the daily and weekly time frames, I can‘t turn bullish here. I will stay neutral. This conclusion is quite consistent with yesterday’s weekly chart review.
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