12/31/12 - EOD Update

60 Min 

I've mentioned over the past week or two to be prepared to be whipsawed on the fiscal cliff issue and that the bulls had a chance to surprise to the upside.

So far the market may be confirming that. The bulls are not out of the woods yet but they managed to close the market over the 20 and 50 day SMAs.

Daily

The bears may just be setting up a right shoulder so we should keep an eye on that.

If the bulls are here to play, 1474 should be their minimum target if they are going to run with this. We'll see.

12/31/12 - Intraday Update

This corrective move down may be complete. Keep an eye on the gray option though. However, I do find it difficult to count five waves down for (i) gray.

12/28/12 - EOD Update

Once again, the whipsaws are in effect with all the fiscal cliff news and rumors. We cannot stay fixated to one thing.

The daily MACD sell signal was confirmed today.

60 Min 

At the moment, the move for [v] red appears to be in effect. We'll see come Sunday night.

12/27/12- EOD Update

60 Min

Welcome to Mr Toad's Wild ride. The market is chopping up in down in a knee-jerk reaction to any news related to the fiscal cliff. I believe I mentioned this last week to be prepared for this.

The bulls saved the 50 day but could not recapture the 20 day. The bears got their daily MACD bear cross and may be setting up a head and shoulders top

I adjusted the counts for red and blue. Red is looking for another poke down for [v] near 1400 again. Blue is looking to finally bring in a late Santa Rally on some more positive fiscal cliff news.

We'll see how they play out the next 2 trading days.