Thursday, July 11, 2013

Market Timing Update (7/11/13)

[EOD] Stocks -
Nasdaq indexes push beyond the May high today. The following charts track SPX, which wedged into the close on a +1.36% day.

[1050am] SPX update -
12345 and ABC, see charts.

[705am] ES/SPX update -
The overnight gains appear to be holding (Chart 1 ES). This suggests that yesterday's post FOMC minutes low as a small degree 4th wave (Chart 1 SPX). Be mindful of a potentially extended 3rd wave up on the bullish side or a potential island reversal to complete the larger ABC rebound on the bearish side in the cash market.