The chart news today is interesting on the ES daily chart, below. First of all, as shown by the Fibonacci ruler on the right, we have a longer wave down than the 7 JUL down wave. This 'should' mean - by the rules - that we are out of what appeared to be a diagonal formation at the high.
Second, while the lower today today moves the swing-line indicator temporarily lower, price is still above the 18-day SMA, although it did come quite close to tagging it before rebounding, Meanwhile the daily slow stochastic (regular calculation) continues to have lost its embedded status.
From a news perspective, it was filled with money-laundering bank fines, tariff news, and quasi-news about firing the Fed chair, all of which made for a whippy market.
From an EW perspective, all we have in the ES is one price segment down (like a small i or a), and then a large Flat wave following it that did make greater than a 50% retracement on the down wave. We'll see if this is enough to get prices moving such that they close below the 18-day SMA or not. It remains to be seen.
Have an excellent rest of the evening,
TraderJoe
ES/SPY (CFD) - 1 Hr - for those of you that like Ichimoku analysis, so far, price has found support at the red cloud. Further, the Tenkan-sen (T-Line) green, is moving higher. It is the shorter term moving average.
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Price needs to get down through the cloud to start something interesting.
TJ
ES/SPY (CFD) - 1 Hr - price is back to the green faster moving average, or the Tenken-sen (T-Line). The EW significance is downward overlap.
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TJ
Does anyone have a legal count of SPY from the April 7th low? I just can't seem to count it.
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