Market Indexes: Major U.S. Equity Indexes closed mixed
SPX Candle: Lower High, Higher Low, Lower Close - Trend Candle
FED Posture: Quantitative Tightening (QT)
Prices as measured by the S&P500 cash index, continue to consolidate lower, and made a lower low day today over that of Friday, and that of Thursday.
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| S&P500 Cash Index - Daily - Lower Low Day |
Today was also still choppy and the NAS/NDX closed higher, so, to some extent prices are fighting each other.
There are 'partial' formations on the daily chart and on the 30-minute chart which can't be called complete yet. Suffice to say, any daily low below wave iii would likely signify an impulse lower.
The EMA-13 continued to widen out over the EMA-34 which still connotes a negative price bias.
That's all that can be said right now.
Have a good start to your evening and to your week.
TraderJoe
ET,
ReplyDeleteFew things I noticed, lower volume, weak price movement 4hr AO showing divergence however need to break above 2766.48 for divergence to become true. Best guess weak trend might bounce back to 2800. Noting fractal at 2816.94.
Another boring day
Thank you for your post!
The hour is late but I'm looking at the futures and the pudding may part and reveal the truth in the next few hours.
ReplyDeleteYes, prior to the open each of the Russell 2000, the ES and the YM (Dow) futures had made lower lows than 11 Oct. Now let's see if the S&P500 cash can show up for work today.
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