Market Indexes: Major U.S. Equity Indexes closed mixed
SPX Candle: Lower High, Higher Low, Lower Close - Inside Candle
FED Posture: Quantitative Tightening (QT)
The market knows we're all watching. Some markets, like the Nasdaq 100 Futures, and the Russell 2000 Futures put on lower low candles. The S&P500 was an inside candle, with a lower close. The DOW had a higher close.
|S&P500 Cash Index - Daily - Inside Day|
There still remain several ways to count the six last overlapping days. They could be wave iv of an impulse. They could be wave ii of a downward diagonal. They could be part of a triangle for wave iv, with a downward wave v to follow. Today was still very, very choppy price movement.
There are upward possibilities as well, but they will not be addressed unless or until there are higher high days. Right now, price is still being rejected by the EMA-13, and it is widening from the EMA-34, which still connotes a downward bias.
As of today, the NQ futures on the daily chart have a bearish cross of the 18-day SMA under the longer term 100-day moving average. The Russell 2000 did that on 09 Oct. The NQ futures have upward overlap on their first or 'a' wave down, which makes it seems like further downward price movement might help make a diagonal more readily in that price series. The Russell 2000 futures did not overlap upward.
On a shorter-term basis, the S&P500 30-minute channel we showed in yesterday's post was broken to the downside today, as we expected from the ((A)), ((B)), ((C)) labeling, upward, in yesterday's post.
Have a good start to your evening, and to your weekend!