OKRDD

Today was an outside key reversal day down. It was the highest high of a very deep retrace, and took out the prior day's low, closing lower. In fact, today was a triple close key reversal, closing below the last three up closes. Tomorrow is the Jackson Hole speech by Chair Powell so we'll see if the high of the outside day down is respected for the next two trading sessions or not.

In the interim, I thought I'd take a brief look at the New York Composite Index ($NYA) which made a recent local higher high. That weekly chart is below.

The salient points are these: 1) price is still in a parallel, 2) the EWO is red and declining, and 3) the timing is amazing with Y = 2.618 x W in time. Of interest, Y = ~1.382 x W in price, also at this time.

It still a very dicey call to make, but some of the ratios are getting very interesting. The NQ and ES have not made new all-time highs. Here is a chart showing todays outside key reversal day, down.

Two things to note here, the closing price bias is still up until it isn't. And the daily slow stochastic has now fully embedded.

Have an excellent start to the evening,

TraderJoe