Tuesday, September 18, 2012

Market Timing Update (9/18/12)

[EOD] Stocks -
SPX found support at trend line (Chart 1). Its decline can be counted as a five-down, either missing a final subdivision or is complete (Chart 1, red). As noted in recent posts, the decline in the Dow appears much less impulsive (chart 2).




[1150am] SPX/INDU squiggles -
Bullish double zigzag decline (blue) or bearish five-down (red) in SPX, with the wave structure in INDU supporting a corrective decline at the moment.  See charts.


[910am] ES update -
With the lower low overnight, near term wave structure in ES has evolved. See chart.
bullish black - a (disproportionate) double zigzag decline is complete
semi bullish black-alt - a LD-x-ED is still missing the last subdivision down
bearish red - LD down is complete


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