|SP500 Cash 2-Hr Chart Potential Triangle already Validated|
In very slow and quiet trading, the S&P 500 Index closed up by 0.69 at the end of the day, and the Dow was up +24.38, almost to a new all-time high. It is possible to count the waves since ((e)) and B as a 1, up, 2, down. But, we simply will not be able to substantiate that until there is a higher high wave -- we don't quite have that yet. And neither has Thursday's gap filled either. Still, the now slower trading may be indicative of a triangle.
The ES daily futures again closed above their 18-day SMA, and still have a positive bias, although the daily slow stochastic again closed under the 80 mark. So, something is going on, and it may be a sign of internal weakness. The invalidation level remain the same.
The Dow still remains well within the parameters of an expanding ending diagonal, and, as we noted the fifth waves can get quite aggressive - hence the near new all-time-highs again today.
GOLD has closed for the second day now under the parallel trend channel, we showed in a previous post (LINK) and has two full daily candles sticks underneath that channel, with gaps on the way down. It may be more clearly defining the C wave down.
Well, that's enough for today. Have a good start to the weekend!