ES Daily Candle: Higher High, Higher Low, Higher Close: Yin-Yang Candle
Market Posture: Neutral-to-Negative
Daily Swing Line: Neutral
Daily Bias: Up (Settle Above 18-day SMA)
The market appeared to be "stuck" up near the prior highs today. Chair Powell tried to dislodge it as best as he could, but too many people could be heard dozing, as he pumps billions of dollars into the overnight repo market because the banks won't lend as they are supposed to.
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Once again, prices tried to come down through the 18-day SMA, but they ultimately missed it by about 5 points, and prices traded slightly higher through the FED news conference.
As we noted yesterday, these up waves can still be broadly consistent with a minuet (b) wave, up, of minute (b) down, with a minuet (c) wave lower to follow. Nothing has disqualified or invalidated that count, so there is little to report on today. The daily slow stochastic remains in over-bought territory. Even gold and Crude Oil remained in their ranges.
Have a good start to the evening.