Tuesday, May 12, 2015

Market Timing Update (5/12/15)

[EOD] Stocks -
SP500 filled the most recent upward gap today. The bull-bear tug of war continues. Be aware of a potential bearish triangle as outlined in the charts if upside breakout does not materialize soon. This potential triangle would allow SP500 to probe the downside of the blue EDT trend line. See charts.

[1130am] SPX update -
SPX is probing and struggling with the red/blue support lines in Chart 1. See charts for lines and squiggles.

[730am] ES update -
ES is probing the red and black wedge lines on a retrace. If the overnight drop in ES is sustained,the May 8th gap in SP500 should be filled. See charts.