Market Indexes: Major U.S. Equity Indexes closed higher
SPX Candle: Higher High, Higher Low, Higher Close - Trend Candle
FED Posture: Quantitative Tightening (QT)
Nothing has changed with the larger overall count in the U.S. equity indexes. Today was a positive day for the S&P500 cash index, the ES E-mini futures, the NQ NASDAQ 100 futures and the Dow Jones Industrial Average. This is not a bullish statement. I remain neutral and am still attempting to count the wave sequence to completion. The up move does not look completed - just yet.
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| S&P500 Cash Index - Daily - Follow Through Day |
The market continues to grind here. Only taking out the low of yesterday's outside day up would be a cause for significant worry that the count is not correct. Perhaps there will be more on the weekend.
Have a good start to your evening.
TraderJoe
thanks for your insight. I understand you are neutral and are waiting to finish the wave under investigation. My question is when do you invest? Suppose you quantify an impulse as being finished - then what? I cant wrap my arms around the actionable trading information.
ReplyDeleteHi Marc. I specifically don't provide trading or investment advice for two reasons. First, I am not a registered advisor, so it is not legal. Second, everyone's time horizon is different, and I couldn't possibly keep up with everyone. However, elsewhere in the blog I have posted Ira Epstein's guidelines for trading. If you need the link, let me know.
Deletegreat i appreciate and respect that approach.
DeleteCan you please provide the link. Thanks
ReplyDeleteHi Adam. Here is the link. Copy and paste to your browser.
Deletehttp://studyofcycles.blogspot.com/2015/11/paraphrase-of-ira-epsteins-rules-for.html
There is a part two later in the same month.
Hi Joe. Sorry, but the .iv blue has more bars than the iv black. (Degree error) Perhaps iv black hasnt finished?
ReplyDeleteHi fairul. Or perhaps blue .iii is higher up - which would also shorten wave .iv; very difficult to say, but either is acceptable in the overall count.
DeleteOh yes! Missed that probability. Thank you Joe.
Delete