Thursday, July 26, 2012

Market Timing Update (7/26/12)

[EOD] Stocks -
Despite the strong rally today, one can argue either a bearish (red/blue) or a bullish case (green/black). See charts. The next pullback should tell. That said, today's high is likely a cap for the bearish case as INDU has already made an exceptionally deep retrace.

[1005am] SPX update -
see the 2nd chart below.
[705am] ES update -