Monday, November 26, 2012

Market Timing Update (11/26/12)

[EOD] Stocks -
Chart 1 updates the near term bearish tracking counts, with the rise from today's low as a B-wave (or to a lesser extent, end of a 2nd wave). Given the higher high in NDX and lack of momentum in the rebound from today's low, the rebound exhibits the personality of a 7th wave, either of an extended impulse wave (Chart 2 green) or of an ending double three (Chart 2, red).

[950am] SPX update -
Tracking counts from the perspective of SP500 cash index. Let's see whether the current decline is a small-degree 4th wave or the start of a larger retrace. See chart.
[910am] ES update -
ES pushed over the neckline resistance last Friday, now retesting it. See chart. Please see Upswing (11/23/12) for details.