Market Indexes: Major U.S. Equity Indexes closed higher; DJUtil lower
SPX Candle: Higher High, Higher Low, Lower Close - Doji Candle
FED Posture: Quantitative Tightening (QT)
Nothing has essentially changed today versus Sunday's post. It was a higher high day in price for many indexes, and the Elliott Wave Oscillator also continued to make a second new higher high - which often indicates that a third wave is in progress.
|S&P500 Cash Index - Daily - Higher High Day|
The slow stochastic of the Daily ES E-Mini S&P500 Index futures continues to be embedded - another fairly strong technical sign. Price continues to crawl up the median line of the tentative channel we've sketched in. Again, we are monitoring the 100% x minute (i) level, relative to the end of minuet i of minute (iii). So far, all the parameters are being met.
The FOMC begins a two-day meeting tomorrow, and concludes with an announcement on Wednesday, and a Press Conference by Chair Powell.
Have a good start to your evening.