Friday, January 6, 2012

Market Timing Update (1/6/12)

[345pm] SPX squiggles-
see the 2nd chart below
[140pm] SPX squiggles-
A potential corrective rebound and impulsive decline.

[1000am] SPX, DAX update -
Last call for near term bulls at 1265.26 support on a potential triangle (green). Otherwise, at least a deeper retrace.  DAX is in a similar near term situation.

[850am] ES update -
There was an upward thrust (potentially post triangle) after the labor report, but appears to be lacking momentum/follow-through and with bearish divergence at the moment (Chart 1). Keep an eye on the larger picture (Chart 2).