Overnight the ES futures (and the SPX500 CFD, below) made a higher daily high near the R1 daily pivot level. But, as the SPX500 30- minute intraday wave-counting-screen, IWCS, shows, price could not close outside the lower band this morning.
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| SPX500 (CFD) - 30 minute - IWCS |
Further, price could not close on or below the daily Pivot level (P) and is headed back for the 18-period intraday moving average after the intraday slow stochastic lost its embedded status.
Short-term we continue to follow the local technicals as prices continue to try to resolve to a fuller EW count.
Have an excellent rest of the day.
TraderJoe
SPX500 (CFD) 30-min: although there are now closes below the daily pivot (P) and the green-dotted 100-MA, there is still no close below the lower band.
ReplyDeletehttps://www.tradingview.com/x/xapBhxuv/
Trade is getting a bit wedgy down here on shorter time frames.
TJ
Local wedge (green lines) broke upward. Larger wedge in this index would break upward above 7,813.50 as below.
Deletehttps://www.tradingview.com/x/hoiYxcNN/
TJ
SPX500 (CFD) 30 min from IWCS - prior low exceeded lower. First close outside the lower intraday band, odds 5 - 7%. Can go lower - just lower odds.
ReplyDeletehttps://www.tradingview.com/x/IqoTHAEZ/
TJ
Not trading or investment advice, but a perspective from someone who is "in the game".
ReplyDeletePaul Tudor Jones on 2027
TJ
Quite the ORD in DJIA. Looks like an exhaustion gap today with additional earlier gap fill.
ReplyDeleteSPX500 (CFD) 1 hr - yesterday's low exceeded lower on CPI report.
ReplyDeletehttps://www.tradingview.com/x/Q7DMqWSB/
TJ
SPX500 (CFD) 30 min: from the IWCS - three consecutive closes below the lower band drop the odds to 2 - 4% of the next close also below the band (working on the fourth?). Not impossible, just lower odds.
ReplyDeletehttps://www.tradingview.com/x/73Ux1vF6/
Down near the S4 daily pivot (uncommon) with an oversold intraday slow stochastic. Still, an outside day down at this point.
TJ
fourth close below the band now drops the odds to 1 - 3% of the next close below the band (again, not impossible, just lower odds). TJ.
Deletefifth close below the band now drops the odds to 0 - 2% (still not impossible, but much lower odds), TJ.
Deleteafter six closes below the band (odds ~1%), price closed marginally inside the band resetting the number of consecutive closes.
Deletehttps://www.tradingview.com/x/bIux4lic/
TJ
It is showing me 8 closes below the band without any close inside?
Deletejust one inside
DeleteSPY 15 minute - I guess wave 4 wasn't done at the 10/08 low.
ReplyDeletehttps://schrts.co/DeaQAWxi
Take a look at DXY, I think you can stick a fork in this thing here and now.
DeleteA new post is started for the next day, along the lines of Gary's comment above.
ReplyDeleteTJ