Market Indexes: Major U.S. Equity Indexes closed higher; RUT lower
SPX Candle: Lower High, Higher Low, Higher Close - Inside Candle
FED Posture: Quantitative Tightening (QT)
As of the end of today's session, the potential diagonal is still on track. Yesterday, the market as measured by the cash S&P500 Index closed at 2,906. With higher futures overnight, the market opened higher and traded up to 2,927 (+21 points) in five clear waves by about 1 PM ET. At that point, the market turned, and made an almost exact 62% retracement down to the 2912 level by about 3:30 PM ET. After that, the market rose a bit and closed at 2,914. Very interesting to see that near exact 62% retracement.
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| S&P500 Cash Index - 2 Hour Chart - Potential Diagonal Still on Track |
IF there is a gap up and follow-through tomorrow (and that is not for certain, but it is probable), then it would establish the last b wave high as the the first target. Let's take it step by step and see how it goes.
Have a good start to your evening.
TraderJoe
ET, It is looking very possible CL makes another high which should give us a triple divergence in weekly AO. I can't say I recall the outcome after a double or triple divergence. Think I'm going to start tracking.
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