Friday, July 5, 2013

Market Timing Update (7/5/13)

[EOD] Stocks -
Since the 1030am update, SPX saw a retest of the breakout area (which so far has been successful), potentially faces some wedge resistance (red), and probably can manage an extended five-up to the IHS target area of 1650 (green) if it can break resistance. See chart.

[1030 am] SPX update -
Near term tracking counts include a potential IHS targeting 1650 (green lines). See chart.

[710 am] ES update -
ES is approaching overhead trendline and the fib-618 retrace.  See charts.