Some Confusion

The stock market is now showing confusing signs. In the daily chart of the NQ futures (left pane), prices are showing a lower daily low, and not a new daily high.

NQ vs ES Futures - 1 Day - Mixed Messages

And in the chart on the right, the daily ES futures are showing a higher daily high, and no lower daily low. Further, neither chart is showing typical triangle measurements. At approximate 50% retracement levels, neither is near the more typical 62 - 78% retrace levels of the prior up leg to suggest a triangle from that bottom.

It is difficult to reconcile these patterns at the moment. I don't want to guess at this time as further study is needed.

The market over the last three days up can be counted as most of all of an impulse wave as we showed in this chart of the cash SPY.

There is still more room for wave (v) if it wants it as it is not as long as wave (iii), but wave (iii) is shorter than extended wave (i) in the above count.

Have a good start to the evening.

TraderJoe