Monday, December 3, 2012

Market Timing Update (12/3/12)

[245pm/EOD] SPX update -
SPX retesting the neckline (Chart 1). We'll count it as a small-degree expanded flat correction if it holds. If it does not hold, the blue prior downward sloping trend line and MA200 are likely next (around 1385), with potential to retest 0.618 fractal retrace (Chart 2).

[640am] ES update -
Potential small degree ascending triangle (Chart 2). See charts and weekend commentary (11/30/12) for discussions.