Although the cash SP500 continues to trade near the short (red) moving average, it has now confirmed its previous close above the TDST support line at 1286. Any move above Monday's high of 1300.58 will mean that the x pulse most likely ended at the March 16 low. Such a continued climb would point to the medium (blue) moving average at 1312. Key to any longer-term bullish hopes would be a qualified break of the alpha-delta trend line (downsloping dashed red line) which is at about 1313 today.
Over the near term my expectation continues to be that a buy setup will have to form before we can make a meaningful move to the upside. In Elliott wave terms, this means that if March 16 was a low it was most likely wave 'A' of a larger correction. The current upward move is part of wave 'B'.
Bottom Line: The daily chart remains bearish with the Timeframe Mix at a +50% reading.
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