Thursday, October 15, 2015

Market Timing Update (10/15/15)

[EOD] Stocks -
SP500 made another rebound high. Today's strength is led by large caps while smaller caps are yet to make higher highs (Chart 1). Many indexes are now at or approaching some kind of neckline resistance.  Either a reaction or an overnight gap is probable. (Chart 1)

SP500 rebounded from a confluence of support levels (including its MA50) and is once again at a prior resistance line that has frustrated two break out attempts (Chart 2).

The overhead gap at 2035 (Chart 2) is likely to be filled this time if today's mini-spike is part of the next impulse wave or even wave five of the current upswing (Chart 3, green [i], gray [v]).

[215pm] SPX update -
Squiggles and technicals. See charts.