A dramatic overnight low in ES was reversed by the cash open, and SPX rebounded at the lower edge of its consolidation range over the past two months.See Consolidation or Topping Process (5/4/12 close) for additional discussion. Chart 1 updates the larger count and Chart 2 offers a squiggle count from the nominal high. See the [2pm entry] for a squiggle count from today's low.
[2pm] SPX squiggles -
Tracking counts on SPX from today's cash index low. Please see the 2nd chart below
[938am] SPX squiggles -
From the nominal high in May: red - 123 down; blue - ABC down; purple - five down.
[820am] ES/NQ update -
Lower low in ES and DAX. ES is back inside the "channel", and NQ is back-testing the underside of it.
