Tuesday, May 3, 2011

Market Timing Update (5/3/11)

[EOD] Stocks -
Given the structure of the decline this week, the recent high is likely (i)-up of [iii]-up per the bullish count (Green), OR B-up of an incomplete correction from the Feb high (Blue), OR a more meaningful top (Red).

Today's low likely concludes an initial impulse wave down from the recent high, both in the cash index (SPX) as well as in futures (ES). A wave (ii) or b upward rebound is likely in progress going into the close.

[1220pm] Mid-day update (SPX, ES) -

[915am] Overnight update (ES) -