Thursday, April 30, 2015

Market Timing Update (4/30/15)

[EOD] Stocks -
SP500 did fill the gap and closed below several support levels. While SP500 did not breach the April 17 low, several indexes did. Hence, the bullish counts are adjusted accordingly, while the bearish count has a meaningful top in place. See charts.

[1015 am] SPX update -
SPX is back inside prior range and now probing the lower band hugging the green line (Chart 1). Is there downside momentum on this leg to fill the gap in Chart 2?

[745 am] ES update -
Month End. Minor overnight lower low. Wave A/C equality for the gray triangle B is at 2131, if the low holds. See chart.