7 Jul 2015 - Possible Bottom In Place

On Thursday, our ST indicator turned UP, and so far has kept this position even with the volatile market the past couple of days.  With that said, we have also seen a positive divergence in the daily chart that reinforces the likelihood of an uptrend.

Prices are now testing the 75 moving average of the 60min chart and should see a pull back tomorrow.  A higher low coupled with a 3 wave pull back would see prices pushing higher.  The ES during the after hours trading yesterday pushed prices up where I had labelled a C-wave (blue).  this did not translate to the SPX by todays open, but prices did push lower to our support range discussed yesterday.  I deem this to be a successful analysis to say the least.

Now we will see if this bottom made today is a C-wave 4th or a sub-wave 1 of sorts.

MT: DOWN
ST: UP
PA: NA

I still remain bearish with the Market Signal still in Bearish territory (See 2nd Chart)...  So I am considering this push up as a counter trend reaction or until I can find an indication of a CIT.

BULLISH / BEARISH WARNING WATCH...