Prices on the ES daily chart made a higher high day today. This has the effect of temporarily turning the Swing Line indicator up. However, neither is there a trend established by such, nor is there a close over the 18-day SMA as in the chart below.
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| ES Futures - Daily - Higher High Bar |
But also notice that today there is an 18-day cross 200-day to the downside as of the cash close (futures are still trading as of this writing). And further note, the regular calculation of the Daily Slow Stochastic indicator remains embedded.
So, the bias remains down until we see a capitulation and / or a reversal bar with subsequent follow through higher. We showed the local count on the hourly SPY cash index in the comments for the previous post at this LINK.
Have an excellent start to the evening and the weekend,
TraderJoe
It will be fascinating to see what happens when and if price retraces to encounter the 200 dma at around 5736. The start of bear markets often feature that "Last Kiss Good-bye".
ReplyDeleteInteresting that the market is at the upper channel line. Was the rally just a gap filler on some mag 7 stocks and down we go?
ReplyDeleteWhat's interesting is the Vix closed on major support Friday
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