Higher Volatility - 3

Market Outlook: Expecting Higher Volatility
Market Indexes: Major U.S. Equity Indexes were lower; DJTA and NDX higher
SPX Candle: Lower High, Higher Low, Lower Close - Inside Day
FED Posture: Quantitative Tightening (QT)

We should note before updating the chart that the Russell 2000 future actually made a new low over yesterday's low by the settlement. It's daily slow stochastic is also below the 80 mark.

As far as the S&P500 Index, we are currently seeing a lot of three-wave sequences. That means a triangle could be forming. Looking at the hourly chart, below, suggests the potential count shown.

S&P500 Cash Index - Hourly

In the last wave, after wave .4, there is still not downward overlap in the cash market. So, one would be justified in assuming that a fourth wave that is longer in time is forming. If it does form as a triangle, then it might be signalling 'last wave dead ahead'. But that remains to be seen yet.

A triangle may be forming in 4-Hr Crude Oil, as well. And the U.S. Dollar may also be in a small degree fourth wave. 

Have a good start to your evening.
TraderJoe