Overnight, the ES futures traded on both sides of the 18-day simple moving average and settled very close to it. At the end of the day - while the count is getting quite compressed - a review versus the EMA-34 shows this is probably the best count.
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| ES Futures - Daily Close - With EMA (34) |
We're probably waiting for the Minor B wave to cross the EMA-34 again.
Have a good start to the evening.
TraderJoe
A bit off subject. How rubber gloves/cars helped rubber turn a corner (if interested) -
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Good morning all. Due to yesterday's small change, all of the primary daily pivot points (R1, PP, S1) have narrowed in considerably.
ReplyDeletehttps://invst.ly/t8j0w
TJ
..contact with upper intraday band, and R1 pivot - along with slight new high for the up move since two days ago.
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TJ
ES 1-Hr: yesterday I said, "it felt like we were in a diagonal or a triangle". That observation was borne out in the overnight with a large drop for a fifth wave of the red diagonal in the center of the pattern. It is a ((C)) wave.
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So far, we have three-waves-up, and three-waves down as a flat, for a w-x- pattern. With the higher high this morning, it can justify part of a 'y' wave. So, if we are making a Minor B wave, it might be a triangle or it might be a flat at the 90% level or better, or an Expanded flat if price gets over the high.
TJ
Thanks TJ. Spx cash daily has BB squeezing. 60 min. Still has a H&S pattern set up and close to closing gap.
Deletewelcome, Tim.
DeleteET - what are your thoughts on the Russell 20000? Not sure if you follow that index but thought I'd ask :)
DeleteWK
DeleteSee below
This is all I see on the Russell 2000 futures at this time.
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Three-waves-up, and (C) = (A).
TJ
Observations on the 15min -
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👍 cash is diverging too. Gap closed. But it’s hard to short Santa, lol. I might wait until Jan.4
DeleteThe RD(4) held up, and RSI now down to midline.
DeleteRSI now well into strongly bearish (20-40) on 15min.
DeleteFor Russell 2000 continuous (/RTY)
ReplyDelete38.2% added to the high of the Feb-Mar range equals 2007.9412
The high so far today is 2007.20
Supplement:
DeleteMar low to 6/9 high equals 591.9
Add 591.9 to the 9/24 low of 1426.2 equals 2018.10.
So, RTY has some wiggle room in the 2007.91 to 2018.10 range, +/-
Thank you, TerryO
DeleteHere is the ES 30-min, intraday at the cash close.
ReplyDeletehttps://invst.ly/t8nx4
TJ
..back to the lower intraday band, and the daily PP.
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