Thursday, February 24, 2011

Market Timing Update (2/24/11)

[EOD] Stocks and USD-
The chart to the right updates the tracking count for USD as discussed in Bull market, B-wave and Beyond (2/18/11). Please see the larger count there.

Futures has the clearest structure of a likely completed impulse wave decline. There has been some minor overlap of the waves in ES, but not in YM. However, the rebound from today's low is yet to produce a higher high. Various tracking counts are shown in the cash charts.

ES and YM

[135pm] SPX squiggles-
Interesting divergence among indexes - YM makes new low while ES, NQ do not.

[730am] Overnight update (ES,DX)-
New low overnight in stocks, netting a 7-wave decline from the high. There are minor overlaps in each wave in ES, but not in YM.