Market Indexes: Major U.S. Equity Indexes closed mixed
SPX Candle: Higher High, Lower Low, Higher Close - Doji Candle
FED Posture: Quantitative Tightening (QT)
A four-block of major U.S. market futures shows they can all now be counted as triangles on the daily chart, as below. The four (4) markets are the ES E-Mini S&P500 futures, the NQ NASDAQ 100 futures, the Russell 2000 futures and the Dow 30 Index futures.
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| Four Markets - Daily - Triangles |
Each triangle has its (a) wave low in February, its (b) wave high in late Feb or early March, its (c) wave low in the beginning of April, its (d) wave high in mid-late April, and its (e) wave low in late April or early May. Since exiting the triangle, all markets have exceeded their (d) wave highs., the Russell 2000 has made a new all time high, and NQ futures are very close to a new all-time high.
It should be clear that each market should be counted separately to it's top. Clearly, the DOW is lagging a bit. Certainly pull-backs to trend lines or second waves that are longer in time might be expected at any time.
Have a very good start to your evening.
TraderJoe
Yesterday and today were the 2 lowest volume days of 2018 in SPY. That's the opposite of what one would expect to see in a supposed wave (iii) of V breakout thrust from a triangle.
ReplyDeleteLike I said, a wave (ii) can still extend if it wants.
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