Market Timing Update (4/21/10 Close)

SPX- The expected bearish price action discussed in yesterday's update did surface today.

However, the decline so far looks corrective, as tracked by the green-labeled count. This would suggest new recovery highs. A rise above today's high near the open offers practical confirmation.

For the two bearish counts (red and blue labeled counts) to work, one needs to interpret today's decline as [1]-[2]-(1)- or a LD [1]-down. As such, today's high near the open should not be violated.

RUT- A potential count of the RUT, appears to be missing one more higher high to conclude the run according to today's intraday count.