This is a Friday morning Chart-of-the-Day (CoD), the SPX500 (CFD) 30-min intraday wave counting screen (IWCS). After a pop up on the dismal Payroll Report, with traders hoping for a rate cut, the up wave could not sustain the fourth wave of an impulse and instead lost the embedded reading of the intraday slow stochastic (black circle).
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| SPX500 (CFD) - 30 min - IWCS |
When that occurred, price returned to the intraday 18-SMA and also overlapped the prior wave downward, with a longer wave in price than the prior down wave. Since then, price has popped again in whippy volatile trade. This seems to suggest that price will either make a triangle or a fifth wave expanding diagonal upward.
Comments for this blog remain on moderation. Have an excellent rest of the day.
TraderJoe
There is now a new higher high of the morning. TJ.
ReplyDeleteThanks TJ. Too bad we're in moderation mode, but I understand your decision. I've seen several of these over the 10+ years I've been reading the blog, it was about time.
ReplyDeleteHave a great weekend!
There are now 3 confirmed Hindenburg Omens on the clock. Enjoy your weekend all!
ReplyDeleteMeh? Here is the raw $NYAD (NYSE Adv-Dec) Line. It has recently made a new high. And although there is 'price-divergence' with a new high in price but not in the indicator, there is not 1) a lower high, lower low on the indicator, nor 2) a sustained divergence between indicator & price.
Deletehttps://schrts.co/NMwSPcFB
It is hard for a true bear market to start without a divergence in the issues.
TJ
A new post is started for the next day.
ReplyDeleteTJ