Monday, October 24, 2016

Market Timing Update (10/24/16)

[EOD] Stocks-
NDX makes a new high today but remain ambiguous in terms of bias.
SPX gaped and closed above the green line (Chart 1), but below its MA50 (Chart 2). Today's upward gap around 2140 is vulnerable to being filled before the downward gap above around 2165, until SPX can close above MA50 and the red line in Chart 2.
Two potential diagonal triangles (discussed in the weekend commentary) remain on the table (Chart 3). See charts.

[735am] ES update-
Interesting formation. See chart.