Market Outlook: Now Getting Higher Volatility
Market Indexes: Major U.S. Equity Indexes closed lower
SPX Candle: Higher High, Higher Low, Higher Close - Yin-Yang Candle
FED Posture: Quantitative Tightening (QT)
Many equity indexes made a higher high today than yesterday. That is encouraging for the case of the potential triangle that we have been showing for several weeks now. But still, we would prefer to see a higher swing high over the high of Tuesday's candle to better confirm the potential triangle.
The whippy behavior continues to be characteristic of triangles (and / or their cousins diagonals). Stocks as measured by the S&P500 cash index had closed yesterday at 2,605. With the futures up in the morning, the cash market gapped up +11 points to 2,616, traded up to 2,660 during the course of the day, and backed off towards the end of the session to closed at 2,641.
The intraday swings continue to be difficult to keep up with, but the market still seems to be hammering out the support of the (a) to (c) trend line above.
It's my understanding most, if not all, US Equity markets are closed tomorrow, and they re-open on Monday. But on Monday U.K. equity markets may be closed.
Have a good weekend.