Market Indexes: Major U.S. Equity Indexes closed higher
SPX Candle: Higher High, Higher Low, Higher Close - Trend Candle
FED Posture: Quantitative Tightening (QT)
After yesterday's some what depressive day, today was 'almost' a manic day upward. Manic-depressive; an apt description of this market, and of 'triangle-type' markets in general. After the gap-up open, the S&P500 cash index continued to rise and finished with a gain of about 24 points. Here is the daily chart again for reference.
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| S&P500 Cash Index - Daily - Gap Up Continuation Day |
In the chart, you can see that price bounced off the mid-line of the channel, and made another higher high over the prior x wave. It has not, yet, exceeded the minute (b) wave higher of the triangle. Continuing to trade over the median line of the channel remains a positive development for this index. Other indexes, particularly the Dow, have not fared quite as well.
As can be seen on the chart, the Elliott Wave Oscillator still has green histogram bars, and the level is increasing in a further indication of positive momentum. In short, not much has changed.
Except it sure is getting hot outside. Stay cool, and ...
Have a nice start to your evenning.
TraderJoe
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ReplyDeleteET,
DeleteWould the fractal on 3-13-2018 be valid if we cross 2801.90?
The fractal on 3-13-2018 is a valid fractal whether that level is crossed or not. If it is crossed, it is a fractal hit above the balance line (or above the alligator). From what I can see the futures have already broken through it tonight.
DeleteGreat thank you for the reply! I'm going to read up on the section about "blue light special"
DeleteWell done. You wrote this earlier in the week:
ReplyDelete"Remember, if we are indeed in Minor 5, it will likely have momentum that is 'just awful', not the rollicking type of "wonder-to-behold" wave three that occurred in December of last year. Many stocks (like the Russell 2000, again today) will not - or are likely not - to participate in the up side."