Yesterday was an outside day down for the ES futures. Today was a follow-through day and the close is likely to be under the 18-day SMA.
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| ES Futures - Daily - Follow Through |
The daily slow stochastic is in over-bought territory and tomorrow is the FED report day.
Have a good evening.
TraderJoe
Joe thanks
ReplyDeleteOf spx cash gaps up
It will have an island reversal
Did that carry why weight for your analysis
Gold (wkly) - poss. alternate
ReplyDeletehttps://www.mediafire.com/view/8veicsrc03q9r0n/GoldAlt.PNG/file
You are becoming much better at this wave thing, so keep it up. It makes me glad to see it. I will only offer that it is less typical to see a triangle after a diagonal because each structure is made of three-wave sequences, and that would be poor alternation.
DeleteTJ
https://schrts.co/tZedIzdv
ReplyDelete$TNX- this moving average has been resistance.
Has the right look.
ReplyDeletehttps://imgur.com/xDNyqu2
agree.
DeleteTJ
SPY 15-min: larger channel.
ReplyDeletehttps://www.tradingview.com/x/PuUy7xSG/
TJ
SPY 3-min: smaller channels.
ReplyDeletehttps://www.tradingview.com/x/0NZTFpEH/
TJ
SPY 3-min: this morning's 10 AM low has been exceeded lower.
Deletehttps://www.tradingview.com/x/4HrkX8ee/
TJ
A look at a Magee & Edwards chart analysis. A Diamond top is in place or a H & S pattern with a high right shoulder. Even though the 9 wave initial decline is anything but text book EWT,this market has been fueled by lesser and lesser stocks. The last rise has been led by maybe 10 stock out of 500.
ReplyDeleteWhatever the FED does today will not matter in the end,except to pop their insane bubble and monetary policy. AS always things as far as Mr. Market can change. IMHO
https://i.postimg.cc/h4w4rQKT/Screenshot-36.png
No longer a diamond for the bears a complex top or a broadening pattern with a 5a and 5b topping short squeeze. Should reverse down in the early morning if they can keep the German Dax up that long. YMMV IMHO
DeleteAfter today it looks like a triple combo with a Z coming lower into next week. Then I guess another final leg up for Santa to deliver coal to shorts. 🎅
DeleteI don't know of any other way to look at this considering the full 5 wave advance into this top. Been wrong before and who hasn't?
ReplyDeletehttps://i.postimg.cc/tTcKbPTj/Screenshot-37.png
SPY 3-min: now bumping on short-term channel. Watch it closely as it might rule out a further third wave down (making the down count only a-b-c).
ReplyDeletehttps://www.tradingview.com/x/ZDp9eIgv/
TJ
An aside (if interested) WEAT (dly) - 3PDh (click to sharpen)
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Reminder: FED report out at top of the hour.
ReplyDeleteTJ
Gold (4hr) 3PDh full retrace -
ReplyDeletehttps://www.mediafire.com/view/aicag8topeb8kv7/FullRetrace.PNG/file
Looks like "Sound & Fury" to me. Powell is both clever AND foolish, lol!
ReplyDeleteA new post is started for the next day.
ReplyDeleteTJ