Both Potential Triangles Still Intact - 2

Market Outlook: Now Getting Higher Volatility
Market Indexes: Major U.S. Equity Indexes closed higher; DJTrans lower
SPX Candle: Higher High, Higher Low, Higher Close -  Trend Candle
FED Posture: Quantitative Tightening (QT)

The follow-through and confirming close candle to yesterday's potential hammer candle did occur today. Both of the potential daily triangles remain intact (the smaller version, not shown, and the larger version, shown below).

S&P500 Cash Index - Daily - Larger Daily Potential Triangle

Prices gapped higher today at the open and closed up +27.54 points. There is no reason yet to conclude the up wave is over, or that this leg of the triangle is completed, based on the work in the live chat room. But, volatility will likely persist.

In the ES futures contract, prices are above the 18-day SMA, so the price bias is currently positive. If futures prices can reach up over 2,688.50, then they would formally negate a swing-line down trend, as then there would be a lower low, and then a higher high. Not an up trend, but negation of a down trend.

Have a very good start to your evening.
TraderJoe