Thursday, December 18, 2014

Market Timing Update (12/18/14)

[EOD] Stocks -
SP500 closed solidly above the neckline. Price actions in RUT suggests new highs in SP500 is likely in sight. See charts.

[1130am] SPX/RUT update -
Is RUT gunning for a new high (and the rest of the pack as well)? (Chart 1) Is SP500 retesting the red neckline? (Chart 2) Tracking the rebound (Chart 3).

[730am] ES update -
A solid gap above the Sep high in ES (Chart 1 and Chart 2) and the neckline in SPX cash - this type of overnight resistance gap has happened many times before. The overnight rise likely counts as the green wave 3 (or C) as highlighted yesterday. See Chart 3.