Tuesday, November 1, 2016

Market Timing Update (11/1/16)

[EOD] Stocks-
SPX filled one of the three gaps as well as tested the blue line and rebounded into the close (Chart 1). It can probe for its MA200 around 2080 and the pink line for potential support if the market chooses to do so. Today's drop has satisfied the minimum requirement of a 7-wave pullback (Chart 1), as well as a couple of tracking counts in SPX (Chart 2 green/red) and in ES(Chart 3). Note the potential EDT/LDT decline since mid-September.
[115pm] SPX update-
The 7th wave down discussed in the Monthly Outlook Update (10/28/16) appears to be in progress (Chart 1). See Chart 2 for various tracking counts.

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