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Learn MoreES and 10-Year YIELD:ES has popped higher in reaction to a confluence of positive factors from TSM's (Taiwan Semiconductor) powerful quarterly report that has put a fire under the semiconductor stocks, stronger-than-expected economic data, and a European Central Bank rate CUT (perpetuating the underlying "liquidity injection effort" by global central banks). My attached Big Picture ES Chart shows the powerful Green Candle that has surged the index to another new ATH at 5927.25, in route to my next optimal intermediate-term upside Target Window of 5980 to 6000.
Someone asked if I had any thoughts this morning. I jokingly said that my only thought on the market lately is "Are we there yet?" This morning's answer was "No, not yet." Here are some of my thoughts...Day by day, MMI keeps looking up. There also have been many days lately it has not been able to calculate a definitive directional call. There was a FOMO pattern over the last few days with a completion pattern today. A FOMO pattern almost always either ends with or is followed by a pullback on some level.
After futures briefly exceeded Monday's high during pre-market trading, price quickly reversed lower following the session open and now looks set to close near the lows on the day and flat compared to yesterday's close. Therefore, it is possible that the pre-market high was enough upside to satisfy 5 waves up from the October low now complete. However, price would need to break back below the overnight low at 5871 and eventually the low made earlier this week as evidence of a top. Until then, more near-term upside is possible before wave v completes with 5935 - 5950 still a potential target range.
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