Something Odd Going On

Maybe it's an election, and someone wants the futures pinned to 5,800. Maybe not. In any event, here are some observations.

The overlap is only good on the front month futures contract. The SPY and the roll-over contract do not show the overlap. Counting is dreadful, but that is expected as we appear to be in one heck of a wedge. Note than an alternate is clearly indicated as red ③, as we do not want to assume upward movement is over - as whippy as it is.

Have a good start to the evening and the weekend,

TraderJoe

From Longer-Term to Shorter-Term

From the prior long-term chart to this shorter-term one on SPY (cash) hourly. This up wave is a very, very tortured one.

SPY Cash - 1 Hr - Very Difficult Count

The count works in cash and may have had a failure in cash. The RSI diverges and diverges. Momentum trend lines are broken, as shown. A potential wave ④ has been broken lower. In the ES futures, a fourth wave with a difficult shape may have been made yesterday, and a failure fifth made in the overnight. There are 'five-waves-up" to finish yesterday night's futures up wave.

Still, downward length is needed, along with breaking of prior lower key levels (iv and ii).

Also, one chart on sentiment. The five-day-average of the Equity-only Put-Call Ratio is now down in the zone of speculation as of yesterday and the prior Friday. For the first time in over a year, the five-day average of the equity put-call ratio is down in the zone of speculation again.

CBOE $CPCE Equity Only Put-Call Ratio - 5 Day Average - Speculation

Have an excellent start to the evening,

TraderJoe