MONTHLY SPX CHART SHOWING EXHAUSTION SIGNS

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MONTHLY SPX CHART SHOWING EXHAUSTION SIGNS

Earlier sell signals on daily and weekly time frames has not triggered the expected sell signals.
This should not surprise much as we have been aware of the monthly sell setup that now is coming to completion. Monthly SPX chart is showing exhastion signs.
In my earlier analysis I expected a short term sell off following the weekly sell signal but always emphasized that the monthly set up had to complete before we see a serious correction…

Coincidentally the sell signals appears when $SPX has reached its upper level channel, a channel that has been followed since early 2009!
According to T. Demark based technical analysis , a TD- Combo 13 sell completed on November monthly bar. The SPX is now on a 13 monthly bar of a TD-sell countdown and we could still witness some euphoria into a Christmas rally in a final wave up.

Nevertheless what is manifesting in the monthly chart should not be ignored as in my opinion we are few days / weeks before a sizable correction starts.

The bears are coming soon:           

 

A live version of the chart above can be found at this link.

Trade wel ;o

sp500daytrader

 

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