Today the ES futures recorded a higher high, and a close over the 18-day SMA, as in the ES daily chart below. Therefore - at least temporarily - the bias has flipped to higher on the daily chart.
So, either the Minor B wave is over, or we are just getting a corrective up-leg to the diagonal-looking down trend. It is too early to tell, and the news could have a big impact on where things go.
Price has not yet recaptured the 200-day SMA (brown rising curve) yet, but it could. I will also point out there is an open gap in the futures, shown, near the high. The daily slow stochastic has burned off its over-sold condition and is not yet in over-bought territory. The uptrend currently is sloppy, overlapping and difficult to count, but it might turn into a diagonal.
Therefore, once again, local technicals must be utilized until the count clears up a bit. However, any uptrend would invalidate below the March low, if a new all-time high is not made first. We are still patiently trying to count out the Minor B and Minor C waves of Intermediate (5) as a contracting diagonal. Nothing has ruled that out yet.
Have an excellent start to the evening,
TraderJoe
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