Thursday, March 29, 2012

Market Timing Update (3/29/12)

[EOD] Stocks -
(bullish) INDU and SPX completed a 3-3-5 running flat (See 11am entry). NDX completed a zigzag decline (Chart 1). Whether this is the end of the pullback or wave (W) of a larger correction remains to be seen.

(bearish) SPX finished an initial impulse 1-down from its nominal high. INDU did the same from an orthodox high. NDX is in a bearish 1/2/[i]/[ii] formation.

(conclusion) Odds favor the bullish interpretation at the moment based on asynchronous nominal high between SPX/INDU and the overlap in NDX. Today's low is a key pivot.

[11am] SPX/ES update -
Three counts on SPX. 1-down from high or 3-3-5 (running?) flat in ES / SPX.

[840am] ES, DAX update -