Wednesday, May 11, 2016

Market Timing Update (5/11/16)

[EOD] Stocks -
SPX was rejected decisively by the latest resistance zone (Chart 1 and yesterday's EOD update), partially filling yesterday's upward gap (Chart 2) and resulting in an inside bar.

Bearish scenarios track a fresh downswing (Chart 2 red-alt, blue and gray). Bullish scenarios track a B-wave pullback (Chart 2 red), and/or the right shoulder of an IHS which potentially targets new recovery highs (say Chart 3, gray wave C-up).




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