Wednesday, June 29, 2016

Market Timing Update (6/29/16)

[EOD] Stocks-
A strong three-wave recovery so far, breaking several resistance zones and approaching others (e.g. dynamic support at 2040, resistance at 2070), also leaving two gaps. See charts.

[1030am] SPX update -
ABC up in SPX so far. SPX and ES) are now at the underside of the ES EDT (see 850am update). See charts.

[850am] ES update - ES continues higher, gunning for the red line which is the underside of a potential Brexit EDT (Chart 1). Above 2047.25 ES invalidates the potential LDT/EDT discussed yesterday (Chart 2).