Wednesday, February 22, 2012

2/22/12 - EOD Update

The head and shoulders top pattern I posted yesterday is still in play and the market is channeling down at the moment. I present two 5 min charts below highlighting the counts for today's move.

SPX - 5 Min - Primary Impulse down

SPX - 5 Min - Corrective Option down

SPX - 60 Min - Primary 
Price moved back below the lower half of the channel and continues to diverge with MACD.

ES
Lets see if ES stays withing the channel overnight.
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