Monday, August 19, 2013

Market Timing Update (8/19/13)

[EOD] Stocks -
SPX (-59bp) is catching up to the Dow (-47bp) today (Chart 1). Note that on a squiggle level, it's possible (but not ideal) to count a five wave decline from the August high (Chart 1, green).  In that case, it also presents the case of an expanded flat pullback in SPX (Chart 1 blue), which fits the Dow less well.

[1133am] SPX update -

[715am] ES update -