Tuesday, May 20, 2014

Market Timing Update (5/20/14)

[EOD] Stocks-
SP500 reversed from an area of multiple resistance discussed yesterday, probing the MA50 for a 4th or 5th time over the past month, as well as the lower channel of the proposed EDT (Chart 1). Both lines held up, for now.

From a bullish perspective, it's best to shift the proposed wave (b) pullback to the right to accommodate an WXY correction (Chart 2, green).

[815am] ES update-