Tuesday, May 10, 2011

Market Timing Update (5/10/11)

[EOD]Stocks -

The two tracking counts highlighted in yesterday's EOD update as well as in the 255pm update continue to track for now. Chart 1 updates the counts.

The bullish count has the correction completed with a triangle - a rare but not unusual structure during the hope rally.

The bearish count has today's advance as [C]-up of b-up, a counter-trend rebound. One challenge against the bearish count is that NDX is very close to making a new high. The rest of the indexes are still lagging.

[255pm] Squiggle update (SPX) -

[710am] Overnight update (ES) -