4/24/12 EOD Update [4:00 PM Update]

[4:00 PM Update]

RUT

SPX - Channel

EOD Update

SPX - 15 Min

As I mentioned yesterday, green and black were top contenders. I had to adjust the pink count and am starting to question whether it will play out.

SPX is still below its 20 and 50 day SMA and any quick pop tomorrow may just be a back test of the bear flag. I have that somewhere near 1382.

However, if black and green are playing out, it is possible to consider five waves up in the works off yesterday's low. So if there is a quick pop tomorrow  towards 1382, that would complete five waves up. A pullback within the buy zone may offer such an opportunity should black and green be in the works. The logical stop would be below 1357.

This is not a recommendation to trade but yet an example of how to use EW to setup a trade given the various count scenarios.

ES

So far it appears the market may like AAPL's ER and as mentioned last night, ES may be hinting at the green option, which would also apply to the black option.