Wednesday, March 16, 2016

Market Timing Update (3/16/16)

[EOD] Stocks -
SPX broke above and closed above a key resistance cluster (Chart 1), but with the potential completion of the post-FOMC thrust (Chart 2). Can SPX stay above prior resistance and subdivide higher to filled the overhead gap?

On the bullish side, perhaps an expanded flat wave iv is in progress (Chart 3 and Chart 4 gray). On the bearish side, a triple zigzag is concluding (Chart 4 red).

[130pm] SPX update -
If stocks wish to pull back from here, one would have a nice set up in hindsight - rejection at a key resistance cluster (Chart 1) and potential island reversal (Chart 2) too. FOMC announcement and press conference is coming up. Time is running out.