Thursday, March 22, 2012

Market Timing Update (3/22/12)

[EOD] Stocks -
INDU topped one day earlier than SPX (Chart 1).
From the nominal high, one can count a completed impulse down (9-waves) with slight truncation.  Bearish if the nominal high and the count play out.

From the potential orthodox high in INDU (which is the SPX high), it's a decent completed zigzag. Note that there's a lower low in SPX this afternoon - so no truncation there (Chart 2). A low / the low could be in -  unclear if it is A of a larger correction, a small degree 4th wave, or a 2nd wave pullback.

Chart 3 to the right shows the larger count and various near term options to be resolved.

[1130am] SPX update -

[730am] ES update -