Still Nothing Much

Market Outlook: Now Getting Higher Volatility  
Market Indexes: Major U.S. Equity Indexes closed higher;
SPX Candle: Lower High, Higher Low, Higher Close -  Inside Candle
FED Posture: Quantitative Tightening (QT)

If yesterday was an outside day down in the S&P500 cash market, and it was, then today was an inside day up, even though it started with a gap up. It's still very, very difficult (because of the Fourth Wave Conundrum) to nail down the exact count. Here is the daily chart of S&P500 Cash Index for reference, with our best take on it.

S&P500 Cash Index - Daily - Still Languishing

The momentum continues to be awful (as one would expect in a fifth wave - Minor 5), and the Elliott Wave Oscillator is red and declining - even though today was an up day. Today was also a lower volume day in the cash markets.

So, if the Russell 2000 is still in a triangle, and it appears to be, then perhaps we are also making a smaller running triangle for wave iv of (iii) in the S&P500 Index.Time will tell. But at this time there is insufficient down side price movement to give bearish alternatives much ink.

Have a good start to your evening.
TraderJoe