Tuesday, December 13, 2011

12/13/11 - EOD Update

The market continues to form a complex correction. One thing is for sure, this is a very choppy/overlapping wave structure down most indicative of a correction.

The market managed to close above the 20 and 50 day SMA as well.

SPX - 30 Min -Option 1
Earlier today, I posted the brown alternate labels. I have not had a chance to re-label this as the primary but this is what I'll be working with for now.

The 60 min MACD sell signal may be indicating that the market may be heading towards the lower blue TL and 50% retracement at 1213. However, the wave structure per the brown labels may count complete right at two key SMAs.

Notice the potential descending triangle and potential wedging patterns forming as well.

Keep in mind the blue alt labels are still applicable.

Daily BBs
Closed right above the 20 and 50 day SMAs. MACD is curling down though.

SPX- 60 Min - Triangle Option
I have been posting this option for the past few days. I'm still watching this especially because of the overlapping nature of the waves.

It is possible wave D may still be in progress. If not, this should be wave E wrapping up.

SPX - Daily - Triangle Option
Here's the bigger picture to the tri option above.

ES
Last night I had a feeling ES may be forming a triple +ve divergence. Well it looks like it is doing so and wedging down. Let's see what tomorrow brings and if the triple divergence results in a TL break to the upside.


RUT - 30 Min
The RUT has a falling wedge look to it and counts as a very nice complex corrective w-x-y that may be in it's 4th wave of c of y.
VIX

The VIX managed to close back inside it's lower Bollinger band and thus eliminating the initial the first step of the equity sell signal. The VIX also closed below it's 200 day SMA.

DX - 60 min
The dollar is sporting a -ve MACD divergence on the hourly and may be setting up one on the daily below.


DX- Daily
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