The ES futures put in a lower low in the overnight pricing. SPY cash did that on the first bar of the open. So, the ES daily chart below, has a lower high and lower low on the swing line indicator.
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| ES Futures - Daily - Lower Low |
The low traveled below the 18-day SMA, but price closed above the same thus nullifying any signal from the swing line trend, as yet. There was an attempt to make a 62% retrace, but price missed it so far by about 10 points. However, a 50% retrace was obtained.
To better validate any down trend, price needs to stay below the prior 4476 peak, and then close below the 18-day line in the sand. If 4,476 is exceeded first, a pattern of lower lows and lower highs would not be made.
Have an excellent start to the evening.
TraderJoe
ES 30-min: nice wedge shaping up at the R1 daily resistance pivot. There is divergence on the EWO. Maybe another trip over the top; maybe not.
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TJ
ES 30-min: new high-of-day. TJ.
DeleteSPY cash 5-min: best I can tell about SPY is that it might count like this with five non-overlapping waves up to the high.
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TJ
SPY cash 5-min: Rut-Roh
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TJ
What a cash grab; broker sends out notification that margins will change effective 3:15 PM ET today for CPI tomorrow. What time did the email get sent out? 3:28 PM. Yep, that's right. AFTER the change was implemented. It completely changed the character of the trade. There is something very, very shady going on here. TJ.
ReplyDeleteWe have always known the market is run by gangsters and this has to inform each and every trading decision!
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