Tuesday, October 21, 2014

Market Timing Update (10/21/14)

[EOD] Stocks -
Chart 1 - Wave 4 rebound in a regular five-wave decline is rejected today as SPX also broke above its Oct 2nd low. Furthermore, RUT broke above its early Oct high. Transports and MidCaps are poised to do so.
Chart 2 - Tracking counts on SPX from the high and low.
Chart 3 - SPX squiggles on the advance from the low.

[1050am] SPX update -
SP500 also overlapped its Oct 2nd low a moment ago. There are two unfilled upward gaps since the Oct low. See charts and squiggles.

[750am] ES update -
ES advanced after successfully retested the neckline of a potential IHS. See tracking count off the nominal low. The proposed small degree 5th wave could potentially wedge.