Tuesday, July 31, 2012

Market Timing Update (7/31/12)

[EOD] Stocks -
Sideways correction continued ahead of tomorrow's FOMC decision.
SPX has potentially traced out a flat-x-zigzag complex correction (Chart 1).
NDX has potentially traced out a triangle (Chart 2).
It would be bearish if corrective patterns fail.
There's a small degree spike down immediately after the close.

[1225pm] SPX update -

[845am] ES update -
Month end. FOMC. Potential post triangle thrust, bearish if fails.