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Mike Paulenoff

Charts on ES & NVDA: Does something have to give? Yes, but not yet!

Mon Oct 14th 2024
Good Monday Morning, MPTraders! October 14, 2024-- Pre-Market Update: We start an active week of Earnings and some important economic data amid still-rising Political/Geopolitical Tensions. Equity indices push new all-time highs on a daily basis while benchmark longer-term interest rates back up. Does something have to give? MJP Answer: Yes, but not yet!Let's get our bearings on this Monday morning with my attached Big Picture Daily Chart of ES (SP E-mini Futures), which we see has climbed to another, albeit marginal, new ATH at 5874.50 this AM as the index nears my next optimal upside Target Zone of 5880 to 5900.

SPX Contiunes To Grind Higher

Wed Oct 9th 2024
Today we saw the SPX consolidate near the highs and then push to new highs once again. This push higher is still leaving the door open for the SPX to continue to push into the upper end of the target zone as laid out on the 60-minute chart. So with that as long as we continue to grind higher and hold over support we still do not have any signal that the SPX has put in a top and a continued push higher still remains very much in play here.

Still Holding Support - Market Analysis for Oct 15th, 2024

Tue Oct 15th 2024
With the market pulling back today, the more immediate path higher would count this as a wave [iv] within wave iii.  The ideal support for this wave [iv] is the 1.00 extension of waves i-ii, which is the 5861ES region.  As long as we hold this support, then our next target higher is the 5923-5942ES region for wave [v] of iii.Alternatively,  should the market break down below 5861ES, and follow through below 5842ES, then I will be viewing wave [1] in green as completed as a non-overlapping leading diagonal, as counted on the 5-minute SPX chart.

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