Tuesday, November 6, 2012

Market Timing Update (11/6/12)

[340pm]SPX update -
Interestingly, the structure of the decline in SPX this afternoon in some ways resembles that of the larger Sep-Nov sell-off. The primary count is a small-degree 4th wave pullback ahead of the election results. See chart.

[1220pm]SPX update -
Chart 1 updates the larger count on SPX. Chart 2 updates the squiggle count discussed in yesterday's EOD update.

[725am] ES update -
U.S. election day. ES Regains the neckline support (Chart 1). A retest of a potential smaller neckline appears likely (Chart 2).