Here is the daily chart of the ES futures. Today's bar is an inside day. The significance of the inside day is that it temporarily turns the swing line indicator up. What this means is that a lower low day would now make a pattern of lower highs and lower low (although we don't know if that would be above or below the 18-day SMA).
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| ES Futures - Daily - Lost Embedded Stochastic |
Further, the daily slow stochastic did lose its embedded status today and is now just termed over-bought. The only day the slow stochastic can get its embedded status back is the next day (i.e. Wednesday). Otherwise, if it doesn't, it is probable that price and the 18-day SMA will try to come together. So, tomorrow is an important day. Let's see how it goes.
Have an excellent rest of the evening,
TraderJoe
Thanks TJ
ReplyDeletewelcome. TJ.
DeleteSPY 5-min: has a gap fill and then a new low of day. ES futures have the lower low too.
ReplyDeletehttps://www.tradingview.com/x/OqxuuZVZ/
TJ
ES still now lower than last couple of day's lows yet. So, some whippy behavior can still occur. TJ.
Delete..and now over the prior high .. whippy. TJ.
DeleteThere's indecision in both stocks and bonds. https://i.postimg.cc/prX0xsZJ/Screenshot-185.jpg
ReplyDeleteZB_F daily
Delete4 hour Do we have a failure? Not necessarily, wait and see. https://i.postimg.cc/tRkSDntG/Screenshot-186.jpg
DeleteCMG split 50 to 1 from 27m shares to a over a 1 billion. IMHO that's a bull market killer. If this market does top in a cycle III I look for a greater than 70% decline.
ReplyDeleteNow you can lose millions and its only pennies per share.
DeleteLeak and dump
ReplyDeleteIm starting to think we have completed X1 and working on shallow 2 to let us get up to the 1.618 retrace on the weekly.
ReplyDeleteThis looks to me like another 4th wave in the SPX (perhaps completed on 25 June):
ReplyDeletehttps://www.tradingview.com/x/IuKGRpUu/
Just saying, supposed smaller degree ① is much, much larger than supposed larger degree i in that count. So, something would be odd there. TJ.
DeleteHow many days from the top in the Dow? The 28 day analog hasn't worked except in 29 and 87. Hmmm
ReplyDeleteSPY 1-Hr: I think for something meaningful downward in SPY we're going to need to see a break and back-test of this three-touch trend line.
ReplyDeletehttps://www.tradingview.com/x/K6MO1vrC/
TJ
ES & SPY 11:30 - 11:45 low now exceeded lower.
Deletehttps://www.tradingview.com/x/kygWy3L1/
TJ
Triangle c leg
DeleteThe Dow needs a long red candle on the close to have the right look. But I'm not holding my breath.
ReplyDeleteMusical chairs that's what this feels like lately. When the music stops nobody knows especially me..lol. Seriously in the final wave i think. Can it reach another ATH? I doubt it without the banks and financials especially in the Dow.
ReplyDeleteNike down over 10% imagine if the Dow did that. Soft landing Powell says..
ReplyDeleteA new post is started for the next day.
ReplyDeleteTJ