Thursday, May 24, 2012

Market Timing Update (5/24/12)

[EOD] Stocks -
The PM pullback is likely a small degree 2nd wave or 4th wave, or a small degree b-wave to a lesser extent. Chart 1 refreshes the larger tracking counts and Chart 2 offers a squiggle count.
As the 7am entry points out, SPX/ES is trying to regain trend channel support. There's no resolution yet at the moment.

[1150am] SPX update -
Overall, relatively clean wave structures. See charts.

[7am] ES update -
Big picture wise, ES is attempt to kiss the trend channel resistance and regain the support (Chart 1). Overnight, ES found support after testing the prior down trend line (Chart 2).