Price has been playing cat & mouse with the prior highs. The SPY (cash) hourly has twice peeked above its prior high, as in the chart below.
The ES has not yet exceeded the early November high. If it does, we can continue to consider the diagonal wave count. Perhaps it will on Friday or early next week.
Meanwhile the SPY, above might be making a diagonal or a barrier triangle which might signal the end/near-end of this particular up wave, which - again - might be the wave ③ of a larger diagonal or up wave.
Bottom line? There might be some whippy action in the vicinity of the overhead resistance from the prior high.
Have an excellent rest of the week.
TraderJoe
ES 1-Hr: a local count looking like a triangle.
ReplyDeletehttps://www.tradingview.com/x/UfOk8mZl/
TJ
SPY 1-Hr: SPY (cash) has another local new high.
ReplyDeletehttps://www.tradingview.com/x/LkJXc41h/
TJ
ET, curious if you keep track of the amount of comments on your blog near highs and lows of the market? If so, does the frequency of comments or lack thereof, track market highs and lows relatively close? Thanks
ReplyDeleteNo, something like this is more effective as the sample sizes are much larger.
DeleteGoogle Trend for Stock Market Decline
TJ
Seems to get most active when we have a downtrend that can count as either 3 or 5
ReplyDeleteSee above, and please remember to "Reply" to the comments you are reacting to and not start a new thread. That way I don't have to reply twice. Thx in advance. TJ.
DeleteCOT data widely sees as a good barometer of sentiment as well.
ReplyDeleteCommericals heavily net short, while Small Speculators heavily net long. What could possibly go wrong?
DeleteCommitment of Traders
TJ
Interesting. Thanks TJ.
DeleteA new post is started for the next day.
ReplyDeleteTJ