Monday, September 10, 2012

Market Timing Update (9/10/12)

[EOD] Stocks -
Depending on where the recent advance started (Chart 1, blue C or green C), today's sell-off into the close is
[Chart 1 green] wave 4 down, now around fib-382 retrace,
[Chart 1 blue] wave 2 down with likely more downside potential or the start of a larger reversal,
or to a lesser extent
[Chart 2 gray] continued consolidation in the form of a triangle or expanded flat in SPX (and flat in some other indexes, see weekend commentary).

[115 pm] SPX update -
Dow is relatively stronger than SPX today, catching up or leading indicator.
Chart shows SPX squiggles, near term bullish green and much less bullish blue

[9 am] ES update -
Appears to be a small degree expanded flat overnight.  Otherwise [i] of 5 or 5 itself.  See Break Out (9/7/12) for details.