Thursday, July 28, 2016

Market Timing Update (7/28/16)

[EOD] Stocks -
SP500 found support right at the EW channel (Chart 1) and hints at a small-degree wave [5]-up (Chart 2).
ES futures continues to struggle against the red wedge resistance (Chart 3). One count from its nominal high suggests (at-least) another leg lower (Chart 4).

[830am] ES update -
ES is struggling to get inside the "wedge". A test of the green line is probable if the red line holds. See chart.