Market Indexes: Major U.S. Equity Indexes closed higher; DJUtil lower
SPX Candle: Higher High, Higher Low, Higher Close - Trend Candle
FED Posture: Quantitative Tightening (QT)
Stocks, as measured by the S&P500 gapped up at the open and had a higher high day, and a higher close day. Here is the daily chart of the S&P500 Cash Index for reference.
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| S&P500 Cash Index - Daily - Gap Up Day |
The Elliott Wave Oscillator (EWO) still has green histogram bars and is still rising. Although momentum seems like pulling teeth, steady progress continues to be made towards the upper trend channel boundary.
The Dow Jones Industrial Average had a decent day, too. It made a new local higher high, and the highest high since its up trend began on April 2. Meanwhile neither the Russell 2000 futures nor the NQ (NASDAQ 100) futures have put in new higher highs just yet.
Pull-backs can occur at any time as part of a back-and-filling process. The downside price to beat to start something meaningful lower would be 2,796.
Have a good start to your evening.
TraderJoe
I am curious that your posts always begin with "Now getting higher volatility" even when VIX moves below lower B band... :)
ReplyDeleteDecember high to February low and back again is a lot of just volatility with almost no net price movement.
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