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Strategies & Market Trends : News Links and Chart Links
SPXL 224.48+0.4%4:00 PM EST
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From: Les H6/3/2022 5:49:31 PM
   of 29601
 
The S&P 500 (SPX) is signaling two sides for the short term. On one side, the 45 minute TDST Support at 4057.15 continues to hold. This keeps the market technically bullish. On the other side, the daily SPX has price flipped bearish before recording a TD Sell Setup @9. A break below 4057.15 won’t necessarily signal another lower low, but a drawdown to the next level possibly between the 90/120 minute TDST Support at 3925.03 – 4000. 4000 is just an arbitrary round number. Should 4057.15 hold, the TDST Resistance for the 4 hour timeframe at 4299.77 is still viable and appears to be consensus among market technicians.

Should the SPX break below 4057.15, the SPX may remain choppy and not provide a clean message from the DeMark TD Sequential indictors except for short term timeframes. Digging deeper, the CBOE 10 year Treasury Index (TNX) has been rising with a daily current count at TD Sell Setup @4. Generally higher rates translates into lower SPX, but currently as rates has been rising again, the SPX has been trading sideways. If TNX continues to rise and records price exhaustion by recording a TD Sell Setup @9 on Friday, June 10th, this could indicate a buy point for the SPX provided the SPX is above 3925.03. Coincidentally, June 10th is also the release of the May CPI print. This makes a good backdrop for rates to reverse allowing stocks to rise again.

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