On the ES daily futures, today was an inside day and represented "the battle at the 18-day SMA" with the daily slow stochastic still in over-bought territory. Another inside day with a higher high could occur tomorrow.
Although the swing line indicator has lower highs and lower lows, price remains above the 18-day SMA as of this time, and that is a neutral condition.
Yes, a higher all-time high could result from here, too. It just depends on whether the market is trying to maintain a wedge or break down into a channel (which would likely take prices to the lower daily Bollinger Band). The situation requires a lot of patience and flexibility and a bit more attention to the hourly internal counts.
Have an excellent rest of the evening,
TraderJoe
ES / SPY (CFD) .. price has filled out a parallel. Let's see if there's a reaction or not.
ReplyDeletehttps://invst.ly/16z5y5
TJ
ES hourly - spinning top candle. Requires a confirming candle. TJ.
DeleteES 1-Hr: lower low candle, but still could be in a small degree fourth wave (not required). It depends if up count is a-b-c or w-x-y and that is a very dicey call. Price is trading back within the parallel, however, which is "often" a sign a correction is over. Watch two levels of potential overlap, the second one L#2 is more significant that the first.
Deletehttps://invst.ly/16z7j2
TJ
ES / SPY (CFD) - overlap level L#1 has occurred. Warning. It is likely that if L#2 is hit, the continued uptrend has lower odds.
Deletehttps://invst.ly/16z922
TJ
ES SPY (CFD) - overlap level L#2 has just occurred in the futures at 5,855. We are likely in an extended fifth wave, lower, scenario going on. More to follow. TJ
DeleteES / SPY (CFD) - here is the overlap in the CFD. This likely means the one route "up" would be an expanding diagonal - subject to limitations, and that is "very, very" low odds. More later.
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TJ
ES / SPY (CFD) - 5 min - this is likely the x5 wave at x⑤ = 2 times ③.
Deletehttps://invst.ly/16z9eq
TJ
ES / SPY (CFD) - 1 Hr - back to the hourly timeframe, this chart just shows where the upward expanding diagonal would invalidate if it comes to that.
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TJ
A new post is started for the next day.
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