Lower Low, Lower High, Higher Close Day

Market Outlook: Now in Minor 4
Market Indexes: DJIA, S&P500, closed slightly higher; RUT, NDX slightly lower

Today, overall, was a day with a lower low, a lower high and a higher close, as shown by the SP500 Daily chart below. Prices traded lower as the solar eclipse approached, and then leveled off and mostly traded higher as the phenomenon passed.

S&P500 Daily - Moving Average Cross Over

Some will chose to see today as a "hammer" candle near horizontal support on the day of the eclipse, and that's fine. There is room for retracement. We note the MACD histogram traveled lower, and the EMA-13 has now crossed beneath the EMA-34 in a bearish cross. Sometimes this is the location from which a retrace begins, and there certainly is room and time for a retracement.

The solar eclipse has done it's job.

If price moves higher, I would expect the moving averages to provide some resistance to upward price movement before price headed lower again. Volume was lower today. Advance/declines were mixed, and there were more new lows than new highs again today.

From the standpoint of an Elliott Wave Count, it appears we are only in the early stages of the minute ((a)) wave of ((a)), ((b)), ((c)) to Minor 4.

So, remain flexible, open and patient, and have a very good start to your evening.
TraderJoe