Same count in the ES 4-hr as in the SPY 2 Hr. Nothing new here. There are still two divergence levels at the marginal new highs.
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| ES Futures - 4 Hr - Minor B-3? |
Price looks like it is getting squeezed into a pretty tight wedge at the moment. Earning season is getting underway. So marijuana stocks are under-performing, or well, are just laid-back. Lol. Bank earnings get underway Wednesday morning. I am less concerned about earnings as I am about guidance given or not.
Have a good start to the evening.
TraderJoe
TJ has jokes too, awesome
ReplyDeleteYM has not (yet) exceeded Friday's high as ES did today.
ReplyDeleteYM (4hr) -
Deletehttps://funkyimg.com/i/3bP6e.png
Markets are looking a bit toppy. Funny ET! marijuana still looks weak
ReplyDeleteNYSE New Highs - New Lows (wkly), observations (if interested) -
ReplyDeletehttps://funkyimg.com/i/3bP74.png
BTC (wkly log) - if interested
ReplyDeletehttps://funkyimg.com/i/3bP7W.png
I'm surprised that no one has mentioned that SPX 4133.06 is the 1.618 extension of the Covid Crash:
ReplyDelete3393.52-2196.86=1,196.66pts
1,196.66 x 1.618 = 1,936.20pts
2196.86 + 1,936.20 = 4133.06
Through the years, and by that I mean the last 50 years, when these things occur, more often than not it takes the market at least 2 years before it can break through these levels in a meaningful way.
Confluence levels cited in the weekly post of 28 Mar, 2021.
Deletehttp://studyofcycles.blogspot.com/2021/03/weekly-fibonacci-levels.html
TJ
There's a typo in my post. I used 2196.86 as the crash low. Should have been 2191.86, which makes the 1.618 extension 4136.14.
DeleteWaterfall move down to 4101.62 triggered the usual liquidity flood. They seem determined to defend that level but it looks to me like that resolve will be challenged. I think a break of 4100 lead swiftly to at least a re-test of 4K...we shall see...!
ReplyDeleteYM (4hrs) early update -
ReplyDeletehttps://funkyimg.com/i/3bPcJ.png
VIX - has been basing the last week and looks like it might be ready to break DT line. 22 would be a probable target. I think it’s more probable it happens next week after option exp.
ReplyDeleteCPCE - currently at 38, let’s see how it closes.
DeleteGood morning all. Here is the ES 30-min intraday wave-counting-screen, updated with the daily pivot points (classic calculation) and local fractals.
ReplyDeletehttps://www.tradingview.com/x/VM3zQE0d/
TJ
YM (4hr), update to early morn post -
ReplyDeletehttps://funkyimg.com/i/3bPgu.png
Stocks above their 20ma is showing a gap down kicker (so far). Could resolve, or perhaps an early hint of at least temporary (or more) easing.
ReplyDeleteNYSE Adv/Dec: 1,211 - 1,863; just fyi.
ReplyDeleteTJ
ES 5-min; some thoughts on the up wave are in the chart below. It would be great to see SPY & ES make their highs on the same day.
ReplyDeletehttps://invst.ly/ugfm6
TJ
Is that a running triangle on Btc since late February?
ReplyDeleteES 5-min, the EWO is now below the zero line; keep an eye on the down (red) fractal. A triangle should not break that level. A downward flat should not overlap ((1)).
ReplyDeletehttps://invst.ly/ugh20
It is 'possible' to see a top, but confirmation is desired.
TJ
Value vs Growth (wkly) - a bit of a tangent. Early signs of possible long term change?
ReplyDeletehttps://funkyimg.com/i/3bPiZ.png
ES does now have a higher high. Something like this is reasonable on SPY.
ReplyDeletehttps://www.tradingview.com/x/rQ1HvPha/
My market view is now changing from 'neutral' to 'negative' at least for the short term.
TJ
I agree, thanks
DeleteHi TJ,
DeleteI have never seen markets in such a tight range when they are peaking out even is shorter time frames. I agree with you that it looks they are on legal Canadian "grass".
The potential SPY diagonal has invalidated. Futures count 'may' be more accurate. Reviewing it now.
DeleteTJ
YM (15min) -
ReplyDeletehttps://funkyimg.com/i/3bPkZ.png
Conservative measure adjusted down to correct neckline. Target reached.
DeleteIt does appear Russell will be the lone index failing to notich a new high; NDX almost certainly will...
ReplyDeleteSPY 2-Hr: the futures count applied to SPY still looks to be the best; price is now approaching the upper parallel trend line; it 'should' find some resistance there.
ReplyDeletehttps://www.tradingview.com/x/1H3tycDw/
TJ
Triple Qs notched new high, NDX Nyet, so far...strange...!
ReplyDeleteNDX did make a new high today. COMP didn't.
Delete..and yes, it does look like a fourth wave here would be acceptable.
ReplyDeletehttps://www.tradingview.com/x/VrMCliMv/
TJ
I think that is right. I was assuming one more up when 4100 held. If correct, it falls decisively next 24 imho...
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