Friday, August 15, 2014

Market Timing Update (8/15/14)

[335pm] SPX update -
 Neckline dynamics (Chart 1) and Squiggles for consideration for your weekend positioning (Chart 2).

[1110am] SPX update -
SPX just retested the potential neckline (Chart 1). So far holding and let's see if it holds. Chart 2 tracks the squiggles from the low. Unless the rebound ended at this morning's high (Chart 1 red), with the middle gap still unfilled, the blue wedge (X or failed 5th wave) is an interesting scenario to entertain.

[740am] NQ/ES update -
NQ is within points of a new high (Chart 1). ES breaks above the trend line associated with a prior base channel - let's see if it holds (Chart 2). If so, SPX cash is likely to fill the middle downward gap around 1965. At the same time, the rebound has left open 2 (3 including the one today) unfilled upward gaps on anintra-day basis.


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