Monday, July 14, 2025

Snoozy Clue

Green volume in the SPY (cash) hourly time frame went to sleep again shortly after the cash open. It didn't stop prices from gnashing higher. The lower hourly trend line held in both the cash and earlier in the ES futures.


If the three-wave sequences we are seeing are part of a diagonal, then the price limit in cash is shown on the chart as 630.85 and in the futures it would be about 6,348. The alternate would be that if the July 3-4 high is actually a third wave, then additional waves would be needed to form a triangle. We'll cover that count more if it begins to materialize.

The market is getting very testy in terms of stalling and prolonging waves. There is a gap overhead and there might be some reason for the market to fill it. We shall see. We are still looking for the Minor wave A, up, to wrap up before beginning a Minor B wave down.

Have an excellent start to the evening,

TraderJoe

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