Market Indexes: Major U.S. Equity Indexes closed higher; $DJIA lower
SPX Candle: Higher High, Higher Low, Higher Close - Trend Candle
FED Posture: Quantitative Tightening (QT)
After more than 100 years in the Dow Jones Industrial Average, the iconic stock of General Electric will be removed from the DJIA on Tuesday June 26th, to be replaced by drug chain Walgreens.
Meanwhile in the S&P500 Cash Index hourly, price broke the upper diagonal trend line after a gap-up open, closed yesterday's down gap (shown by the black circle), and then, in another choppy session, back-tested the trend line, and stopped there.
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| S&P500 Cash Index - Hourly - Break of Upper Diagonal Trend Line |
Yesterday's low and last week's high remain the critical fractals. The Elliott Wave Oscillator has come back to the neutral point, but is green and rising. The market will have to decide.
Have a very good start to your evening.
TraderJoe
If cash has another red AC bar today that will make it the 9th. ES has it's 9th. I'm going to take a guess and say if you ever see 9 red AC bars it's not 3rd wave up.
ReplyDeleteHaha! It is generally a cautionary tale when everyone has the same count. I do agree the trend is currently clearly down.
ReplyDelete