Friday, December 6, 2019

Three Larger Waves Up, So Far

U.S. Debt Clock: $23.10 Trillion; prev $23.10
ES Daily Candle: Higher High, Higher Low, Higher Close: Trend Day
Market Posture: Neutral-to-Negative
Daily Swing Line: Neutral
Daily Bias: Up (Settle Above 18-day SMA)

Today was higher on the jobs report. Yesterday's "Err on the side of five-up" post was timely. Neither the Dow, the S&P or the NQ futures made a new all-time-high. The S&P500 came within 90% of it's high. Neither the Dow nor the NQ did yet. The Russell 2000 made a higher local high. So now, there are a pretty clear "three-waves-up".

SP500 Cash Index - 15 Minutes - Channel

We said yesterday we would not speculate on the nature of this up wave until things have become clearer. At this point we will only say that there are three-waves up in a channel. The wave labels a/i, b/ii and c/iii should be viewed as equivalent at this point until they are not. The EWO is higher on the second upward series of waves, and there is not a clear fourth wave in evidence. A fourth wave down should not overlap a/i, right? So, we take it a step at a time.

Have a good start to the weekend.
TraderJoe

4 comments:

  1. Thanks TJ. Enjoy a restful wekk-end!

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  2. I would still expect 5 ways up. NYAD new high and way too many good stocks are at new highs. I have never seen a market top this way.

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  3. There is a new post for the next day.

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