In a folllow up to our previous blog post regarding the weekly 8 on the Nasdaq, you can see from the above screenshot that SPX just completed its 8 of 9 candle for a TD Sell Set Up.
The Bull case:
- Weekly 9 candle makes a higher relative high next week during week 9 of the series (marked orange line)
- June manages to close its candle higher than 2713 which would break the current TD Buy Set up series (started back in March).
- July Monthly trades higher than June (would be candle 2 of a TD Set Up series) setting up bullish environment for remainder of year.
- 2802 relative high isn't surpassed and the weekly 9 turns into a reversal candle...calling another top for SPX.
- Weekly 9 reversal candle sends the June candle closing below 2713.
- 5 more months of SPX downside/sideways action until completion of the TD Buy Set Up series.
6/9/2018 7:00:00 AMAffiliates