Market Outlook: Possible Minor 3 Top, Waiting on Confirmation
Market Indexes: DJIA new All-Time-Highs; Most other U.S. Equity Markets Not
SPX Candle: Inside Day
FED Posture: Quantitative Tightening (QT)
With the exception of the DJIA, most other markets spent the day consolidating their losses of yesterday. The S&P500 and ES futures had an inside day. The NQ futures made a daily lower low.
Still waiting on the market to confirm the beginning of a Minor 4. Nothing has changed yet.
After the official settlement the ES futures began to drift lower. Tomorrow needs to be watched closely to see if the daily ES loses it's embedded slow stochastic or not. As of the 4 PM ET close, the %D value was 80.4. If the market opens lower tomorrow, it could easily lose the 80% level, suggesting a return to the 18-day simple moving average.
With today's inside day on the ES futures, Ira Epstein's swing line does not make a trend lower unless a lower low day occurs tomorrow.
Have a good evening.
TraderJoe
Commodities are basic goods that are exchangeable with other commodities of the same type. Traded Commodities range from agricultural, livestock and energy to precious metals and industrial metals.
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