On the ES futures daily chart, today was an inside day, holding closely to the center of day. As such, and with the higher close, it can temporarily change the swing line indicator to up again. Price is still above the 18-day SMA, so the bias remains up, and the daily slow stochastic is still embedded.
We also note that neither of the two downside futures gaps have closed yet. We'll be watching closely to see if and/or when those gaps might close. For the moment, a higher high remains possible, and a (b) wave up can complete whether there is a new high or not. The eventual expectation is that the futures gaps will close, as gaps in the futures typically close faster than those in the cash market.
It seems somewhat odd that the market did not have a more robust upside response on the major news of deals with China and/or the FED feeding the reverse repo market - especially given today's position of the first trading day of the month. Even if a new high is made, are these signs of a tired market? We shall see.
Have an excellent start to the evening,
TraderJoe
This was my running fourth idea, not sure were the degree violations are.
ReplyDeletehttps://imgur.com/giHOHh3
This is were I am at long term, but wtf knows. Going 1 trillion in debt every 150 days.
https://imgur.com/9QiCjfU
I think /ZB may hold the cards if this is only a 2 or a B in the bond market.
Here is the grand money wizards chart from the last Fed meeting.
Deletehttps://fred.stlouisfed.org/graph/?g=TSH7
I have showed you (all) where the degree violation is in 3 if not counted as the diagonal w-x-y. It is in ii of 3 versus 2. I have said it over & over again. If you are using the running triangle to make a non-overlapping impulse, then, again, the degree violation is in your ii of 3, compared to 2. It, the wave ii, is too long in time compared to 2. TJ.
DeleteThx, will revisit this.
DeleteAhhhhhh time, got it.
DeleteAfter a failed 5th and down we go.
ReplyDelete