More B Wave

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

In typical "B" wave fashion, and for no apparent reason, the stock market made a lower low day, then a higher high day, but had difficulty following through at the end of the day.

The market, as measured by the S&P500 cash index, closed yesterday at 2,877. It opened on a six point gap down to  2,871 and then traded lower to 2,867, or roughly 10 points lower. After the first half-hour, prices started a spirited rally, and climbed to 2,892 (+25 points from the low) by noon. At that point some sideways to lower trading set in, and cash closed at roughly 2,888, or four points from the high of the day. Here is the daily chart of the cash S&P500 Index for reference.

S&P500 Cash Index - Daily - Outside Day Up

Again, it is unclear what form the .b wave may take. As a 'simple' zigzag it could be over today, but that seems too short in time. As a triangle it could take more time. However, given that wave minute (ii) is a flat wave, it would not be expected for the .b wave of minute (iv) to travel over the high of the pattern, as that would represent poor alternation in the count.  Therefore, I am showing an alternate minute (iv) location in the event the high is again exceeded. (There is absolutely no evidence for that yet, but I promised to keep you apprised of the best alternate when I see it.) Price had gotten back to the mid-line of the channel, and then stalled there.

The Elliott Wave Oscillator is still red, declining and above the zero line. It should be clear from the dotted black circle to the right of the indicator that it would make sense for the EWO to re-approach the zero line sometime within minute (iv), and therefore I am also allowing the possibility that all of wave minute (iv) may develop into a larger more time-consuming triangle, even though that is not a requirement to complete the count.

It would be nice to see some part of minute (iv) strike the lower channel boundary - as a sign of waning momentum. NYSE volume was again very lack-luster at only 2.9 billion shared traded.

Have a very good start to your evening.
TrderJoe