Market Indexes: Major U.S. Equity Indexes closed higher
SPX Candle: Higher High, Higher Low, Higher Close - Trend Candle
FED Posture: Quantitative Tightening (QT)
Stocks, as measured by the S&P500, had a higher high day, a new recovery high day and closed over 2,850. As we said on Friday, the up move didn't quite look finished yet. It wasn't. Here is the daily chart of the S&P500 Cash Index for reference.
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| S&P500 Cash Index - Daily - New Recovery High |
The Elliott Wave Oscillator (EWO) is now green and rising. Trading over the upper trend channel boundary is still possible, even though momentum is still pretty awful.
The Dow Jones Industrial Average had a higher high day, but continued to lag a bit, and did not make a new recovery high for that index.
On a different note, the EUR/USD made a lower below the triangle we outlined as the primary count on Saturday, thus fulfilling the minimum requirement for the fifth wave of an impulse downward. Wave 5 can extend if it wishes, but it time to start looking for a turn in this currency pair.
Have a very good start to your evening.
TraderJoe
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