There remains nothing definitive yet in the price structures, and it is often said, "It's lonely at the top". The ES futures (June contract), left, and cash S&P500, made a new closing high, as below.
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| E-Mini S&P (ES), Dow (YM), NASDAQ 100 (NQ) Futures - Daily |
The Dow Futures, middle, and NASDAQ 100 futures, right, as of yet, have not. As a result, nothing has ruled out a (b) wave higher, or a triangle just yet. The daily Bias is still positive with price over the 18-day SMA. The NASDAQ has, in fact, come far enough along to validate this diagonal count shown in May (at this LINK). It can go higher, within limits, and we think it might.
During the week, the daily put-call ratio got down to 0.35, approaching a lower extreme. We will also note the position of the upper daily Bollinger Band.
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| ES Futures (Jun/Sep) - 1 D - No New High |
Futures contract roll-over now presents some charting challenges, above, as some of the charting services show the roll as of Friday, and do not show the new high, see last bar, above. During the next week, see if the daily slow stochastic - which is currently embedded - travels below that 80 level or not.
Have an excellent rest of the weekend.
TraderJoe
Thank you sir. What is the consensus here abt NQ, are we in 3rd of 3 or extended 5th from its inception.
ReplyDeleteGreywaver
ReplyDeletei appreciate your efforts on charting
but please view ira epsteins video on 6 / 11
" i see people charting RSI... stochastics... macd ... all on the same chart ... i think they are out of their minds "
i would not go that far
but keep it simple
TMI = confusion
Lol. Each has a particular (unique) role (for me). I try to convey how the different pieces can work together. Not everybody will "get it", and that's fine. All I can suggest is to simply view the part(s) that work for you [hopefully there's one in there somewhere, :o)]
Deletegood work on many markets greatly appreciated
Deletekeep it up
DJI (mthly,wkly) -
ReplyDeletehttps://i.postimg.cc/bwL41mfq/dji.png
Continued good work, GW. Nice perspectives.
DeleteTJ
Things are starting to look a bit tenuous. The once leading Transports aren't helping much either.
Delete👍 thanks to TJ & GW for your continued work
DeleteZM - (dly) A look back (from CRS perspective) -
ReplyDeletehttps://i.postimg.cc/9XnvYZYy/ZM.png
AMZN - Sometimes ya gotta love 'em and leave 'em. :o) (one view) -
ReplyDeletehttps://i.postimg.cc/TPyZScqV/amzn.png
It's time for another look of the sector rotation model created by Giorgos E. Siligardos. First link is for 3 charts 2021, 2006 and 1999. Second link is thinkorswim sector rotation model description. It's important to note SPX is making new highs while sector rotation model has turned negative.
ReplyDeletehttps://www.flickr.com/photos/145103796@N07/
https://tlc.thinkorswim.com/center/reference/Tech-Indicators/studies-library/R-S/SectorRotationModel
Nice! I keep a ratio chart related to Sam Stovall's sector rotation map (I believe its his). Seems to jive with what you're seeing.
Deletehttps://i.postimg.cc/3xJ6gs8R/rotation.png
AR (wkly) Nice payoff for continued focus to monitor to fruition -
ReplyDeletehttps://i.postimg.cc/pdQ0hv4y/AR.png
https://www.tradingview.com/x/sJntGjEQ/
ReplyDeleteIt feels like we have a melt up scenario going on right now with TQQQ IMHO. If and when we reach the old previous high at $112.30 the question will become are we in a quite large ending diagonal wedge or will a new high create the impetus for an upside breakout type move. Prices will either run up and beyond the top trendline of the wedge on this chart or they will not. If prices reverse at the estimated wedge line then we are likely looking at the diagonal scenario which could last into September. It also likely means there are 3 larger trade opportunities> Long now til the second week of July - Short til the end of July - and then long again through August and part of September. This seems to rhyme with TJ's final Z wave for the Nasdaq and makes sense with previous market behavior during summer months and September volatility.