Market Indexes: R2K new all time high; None of Dow, S&P nor NQ made new ATH's today.
The herky-jerky action continues, but the waves continue to form properly in the ES E-Mini S&P Futures 4-hr Chart, and the Dow Jones Industrial Average.
|ES E-Mini S&P Futures 4-hr - Wave c Formed Downward This Morning|
The continued loss of momentum is shown by the break of the lower ES wedge line. A new all time high is possible, but not guaranteed. (Truncation is possible). A diagonal is still not indicated in the chart above, as there are no overlaps of concern.
|DJIA Cash 4-hr Made it's b Wave Down On Schedule|
The Dow fought a brilliant battle at it's up sloping trend line, and managed to close just above it. While point losses are minimal, the shapes of the various waves is what is troubling.
However, don't let it spoil a good start to your weekend!