Thursday, November 1, 2012

Market Timing Update (11/1/12)

[EOD] Stocks -
SPX finally broke above the neckline resistance, but is still within the wedge territory. In addition, based on small-degree wave structures, we are likely to see at least a retest of the neckline. The larger primary count remains bullish based on our Hope Rally model.

[1105am] SPX update -
tracking counts, see charts.

[845am] ES update -
Another attempt at the neckline resistance (see charts). It's also interesting to note that the nominal low in ES so far coincided with a full moon.