ES Daily Candle: Higher High, Higher Low, Higher Close: Trend Day
Market Posture: Neutral-to-Negative
Daily Swing Line: Neutral
Daily Bias: Up (Settle Above 18-day SMA)
Today was higher on the jobs report. Yesterday's "Err on the side of five-up" post was timely. Neither the Dow, the S&P or the NQ futures made a new all-time-high. The S&P500 came within 90% of it's high. Neither the Dow nor the NQ did yet. The Russell 2000 made a higher local high. So now, there are a pretty clear "three-waves-up".
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| SP500 Cash Index - 15 Minutes - Channel |
We said yesterday we would not speculate on the nature of this up wave until things have become clearer. At this point we will only say that there are three-waves up in a channel. The wave labels a/i, b/ii and c/iii should be viewed as equivalent at this point until they are not. The EWO is higher on the second upward series of waves, and there is not a clear fourth wave in evidence. A fourth wave down should not overlap a/i, right? So, we take it a step at a time.
Have a good start to the weekend.
TraderJoe
Thanks TJ. Enjoy a restful wekk-end!
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DeleteI would still expect 5 ways up. NYAD new high and way too many good stocks are at new highs. I have never seen a market top this way.
ReplyDeleteThere is a new post for the next day.
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