Tuesday, February 3, 2015

Market Timing Update (2/3/15)

[EOD] Stocks -
A second day of follow-through big pushed SP500 to fill its late January downward gap and close above its 50-day SMA.
An immediately bearish count would be an upward expanded flat rebound from the low on Jan 29th, indicated by the red wave [b]/[ii] in Chart 1. Challenges to that scenario are (1) the Midcap index exceeded its late January high today and (2) a large overhead gap in NDX is likely to be filled (Chart 2).
The bullish count suggests new highs. (A variation of the bullish count has room for the recent low to be marginally violated).
[915am] ES update -
Full moon. See charts.


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