Today's ES price movement was higher, then lower. But, it was not a full-on outside reversal day let alone a key reversal day. Still prices did have the odd structure of a higher high and lower close. What might turn out to be a bit more significant is that in tonight's overnight action the series is possibly on the verge of losing its embedded slow stochastic status. If, the red line of the slow stochastic closes below 79 by the close tomorrow it might set a different tone on the daily chart, below.
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| ES Futures - Daily - HH/LC Day |
If the embedded reading stays lost, then price and the 18-day SMA might try to come together again. Still, such price movement would not set a trend lower yet. Lower lows and lower highs below the 18-day SMA are needed for that. If that should occur - and we don't know that it will, then the lower daily Bollinger Band would be the first target after the 18-day SMA. Let's see how it goes.
Have an excellent rest of the evening,
TraderJoe
ES 30-min: reminder of the intraday wave counting screen. Price has currently been turned back lower by the 6,300 level and combination of the 100-per SMA and the upper intraday band.
ReplyDeletehttps://www.tradingview.com/x/778osfqf/
The non-overlapping count in the futures has alternation. Price has not yet closed below the 18-per intraday SMA.
TJ
Spx has made 3 waves down so far
ReplyDelete5 waves followed by diagonal
ES 30-min: new low below the overnight low. TJ.
ReplyDeletefyi only - ES first close below 18-per intraday. TJ.
DeleteNews about Powell being fired
ReplyDeleteTrump denied. How can one hold a trade for more than 5 minutes
ReplyDeleteJust stay faithful to the best count you know of. Trying to mix in news and fundamentals will just make you crazy.
DeleteJust - fyi - ES back to the area of 6,300 and possible Flat wave; low would be x or b; there are five waves up since the low. TJ.
ReplyDeleteHere's the non-overlapping up wave in the SPY/ES (CFD).
Deletehttps://www.tradingview.com/x/m6t2ncao/
TJ
A new post is started for the next day.
ReplyDeleteTJ