Market Timing Update (3/8/10 Close)

SPX- The best count is that SPX is still consolidating in a small degree 4th wave in the form of a triangle approaching its end. See Chart 1 and 2. An alternative is that the 5th wave is already in progress, potentially tracing out an ending diagonal - but it is too early to tell. Either way, odds favor near term higher highs.

The big picture scenarios discussed in the Weekend Ed. remain applicable.