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Learn MoreGood Thursday Morning, MPTraders! May 2, 2024-- Pre-Market Update: The day after the Fed meeting... The day before the monthly Jobs Report... Weekly Insurance Claims... AAPL, COIN, and DKNG earnings after the close... As I mentioned in my final post last evening, the whipsaw price action in the immediate aftermath of the Fed statement and Powell presser left me with the impression that SPY and ES are carving out sideways digestion or bottom patterns into the next consequential directional price catalyst, which happens to be the Jobs Report tomorrow at 8:30 AM ET...
After moving lower yesterday we saw the market move up sharply after the FMOC announcement and we are still sitting near the highs at the time of this writing. While this is certainly opening the door for a bottom of the wave (b) to be in place we still are not out of the woods just yet and will need to push through a few more levels of resistance to confirm that we are indeed pushing higher in a larger wave (c) of b.
As Mike has been outlining, the smaller degree structure is a bit unclear. And, that is often typical of b-wave or corrective structures. In fact, I can probably outline 4/5 different ways to count the smaller degree structure outlined on the 5-minute SPX chart.Yet, all my analysis can be summed up by the following statement: As long as the market continues to hold the lower support box on the 5-minute chart, I am going to continue to look higher to test the resistance box overhead.
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