'Possible' to Count an Impulse in SPY

This is just to say, the count works right now in SPY cash - as a fourth wave triangle (4) that alternates well with the flat wave (2).

Each wave is on an opposite side of the EMA-34 in this 10-minute time-frame, now with about 117 candles on the chart. There is still some possibility that the (4) wave can extend lower in the Sunday overnight and into Monday to make an expanded flat for a deeper fourth wave. But it is not required. It is also possible for wave (5) to put on a few more points.

Stocks ended the week at the high, and came within +/- 2 points of the upper daily Bollinger Band. Trading during the session was very gap filled in the SPY, indicative of light volume until the closing candle. Price is over the 18-day SMA (so the bias remains up), and the daily slow stochastic is still embedded.

Meanwhile, the DOW did not end on its high. The NQ futures did not end on an all time high. The preliminary figures for the NYSE have about 1,568 advancing stocks and 1,721 declining stocks, and today was quite whippy. It's bucking like a bronco, but I think we haven't seen anything yet.

 

I'll leave you with one final thought for today. It is Ira Epstein's Financial video from last night. Listen carefully from about three minutes to about six minutes in where Ira says about the Dow, "I think pro's are taking a substantial amount off their positions". Like it or not, Ira is an insider. He's been in the industry for years. He has contacts and hears what people are doing and how they work. Again, he doesn't recommend shorts (in futures) above the 18-day SMA. Neither does he recommend new longs above an upper daily Bollinger Band.

The above is not trading or investment advice, just a brief recap (in his own words) of what one broker thinks.

Have an excellent start to the evening and to the weekend.

TraderJoe