Tuesday, May 22, 2012

Market Timing Update (5/22/12)

[EOD] Stocks -
On the squiggle level, the market is retracing a better-formed five-up in ES and a fuzzy five-up in cash SPX (Chart 1 and Chart 2).

Chart 3 and Chart 4 show the larger counts discussed in days.

[1145am] SPX squiggles -

[740am] ES update -
ES turned down overnight at down trendline resistance and found support at the potential base channel.