Tuesday, November 13, 2012

Market Timing Update (11/13/12)

[350pm/EOD]Stocks -
The selling this afternoon retests the breakout trend line in SPX(green). It could potentially be a small degree 2nd wave retrace or 5th wave of an expanding EDT, both suggest "minimal" downside potential near term. On the more bearish side, a 4th wave flat is done or a triangle is still in progress, to be followed by a 5th wave down (blue and red).

[1020am]SPX update -
A potential panic down tick at the open, potentially a post triangle trust (Chart 1, green). Chart 1 shows squiggle tracking counts with blue and the green being bullish ones and the red count anticipating one more subdivision down. SPX cash hits Fib-50 retrace (Chart 2). VIX is down.

[620am]ES update -
Near term bullish (black) and bearish (red) tracking counts. Watch the neckline for potential resistance. See Charts.