Monday, September 23, 2013

Market Timing Update (9/23/13)

[EOD]Stocks -
Indeed, SP500 bounced off prior neckline (Chart 1), delivering a three wave decline so far from its high (Chart 2) while ES completed a five-wave decline from its high (Chart 3).

The logical scenarios are [1]  further rebound at least (2/B in ES and X in SPX) if not new high,  [2] further subdivision down into a 7 or 9 in ES.

[945am]SPX update -
See weekend commentary for discussion.

[805am]ES update -
Lower low in ES. A visual five down. Let's see how it morphs. Potential support at prior neckline. See charts.