Looking at the SPY, price compression, lower volume, and a nearly flat MACD continue to suggest the possibility of a triangle.
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| SPY - 30 Min - Narrow |
There is nothing definitive yet, lower lows are needed, but are certainly possible. For how these waves might fit in with the daily picture, see the chart at this LINK. Memorial Day weekend is coming up in just a couple of days, so it may be responsible for diverting attention from the market.
Have a good start to the evening.
Thanks ET, sounds right as everyone is eager to party like it's 2019 again. Hope you have a great holiday weekend.
ReplyDeleteA long term ratio not to be ignored (imho) - (mthly) "CRB"/SPX - [log]
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Great chart that I was unaware of. I think it will likely play out going forward that commodities, miners, etc. will be the place to be. Thanks.
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DeleteThanks Greywaver, I'd like to see if CRB index revisit the 2020 march highs. 188 area. I'm finding rising commodities, rising treasuries can be a good thing as long as inflation stays in check.
DeleteTSN (wkly) Another Weinstein, again with two entry areas [if interested] -
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A last ratio (SPX/TSX) (mthly) - Another way to "see" commodity moves in action (with a bit of Weinstein thrown in) [if interested] -
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NFLX (mthly) Early signs of possible long term trouble -
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LUMN (mthly) Something you may wish to monitor - [if interested]
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Good morning all. ES Hourly wave count is a bit of a mess to start off the day, but there is a lower low on the futures. This is the only legal way I can find to count it.
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((C)) = 0.382 x ((A)).
TJ
I don’t know if data is correct, but Tradingview is showing CPCS at 31 ???
ReplyDeleteTradingview shows 44 yesterday, which ties with StockCharts (fwiw).
DeletePeak on 5/19 TV 70, SC 58. I would stick with SC if I had to choose one. :o)
DeleteStill watching 4200 with keen interest. Attempts to consolidate prices above that level so far unsuccessful but still not clear who will prevail in that battle. If they surrender it today I think it spells trouble for bulls,at least in the near term.
DeleteDJT (wkly) This market leader is showing some signs -
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SPY (15min) -
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In term of "shape" price looks like a rising diagonal.
DeleteEqual peaks on 25th and today. On some TF, could be tweezer top.
DeleteDid have back to back candles today at the peak price (so they themselves are a tweezer top). :o)
DeleteSPY (15min) e.o.d. -
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