Market Indexes: Major U.S. Equity Indexes closed higher; $NDX, $DJUtil lower
SPX Candle: Higher High, Higher Low, Higher Close - Trend Candle
FED Posture: Quantitative Tightening (QT)
No changes to the current count. The market, as measured by the S&P500 Cash Index made what looks like slowing upward progress today, although another higher high day was posted. As it nears that 2,839 level we mentioned in several posts, it will likely meet a bit of resistance while trying to decide if minute (iii) will be the extended wave in the sequence. I'll have more to say about that later. For now, here is the daily chart of the S&P500 Cash Index for reference.
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| S&P500 Cash Index - Daily - Still Likely in Minute (iii) |
Price still continues above the median line of the channel, and still closes above it. That remains a positive sign for the trend of the market, and the Elliott Wave Oscillator continues with green histogram bars - after only a brief red bar - and that remains a positive sign for the momentum of the market.
Because the daily ES price is nearing it's upper daily Bollinger Band at 2,837, backing-and-filling can be expected at any time.
Have a good start to your evening.
TraderJoe
ET,
ReplyDeleteI have to be honest today is my birthday been out to Bonefish had 3 long island tea's.
I did my homework last night on a 30 minute chart because it was an outside day up. Today it looks like an ED on my 30 minute chart.
Back to my homework yesterday. I noticed 160 bars had been met and also overlap of x wave. If subminuette (i) = subminuette (v) than I come up with 2840. Due to the high being taken out today I like the idea of an ED. I also like the idea of a pull back over the next week to the 20 day. Of course the Stoch is embedded.
I know I struggle with labeling a wave. I think I have my label correct and maybe count to. Back to birthday enjoyment :) Thank you for posting!
If a running fourth wave started late on 11 Jul, and ended early on 17 Jul, then, yes, a tiny ED is possible. It would agree with the EWO on a 30-minute time frame. The price movement is just barely parallel. Only concern is there is no 38% pullback: just a concern is all ...
Delete"Because the daily ES price is nearing it's upper daily Bollinger Band at 2,837, backing-and-filling can be expected at any time."
ReplyDeleteWell timed again. Great work this year!
Thanks Todd.
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