A new all time high has been expected from the S&P for some time. Today it finally arrived. The breakaway gap may offer support.
The bounce at the end of today’s session is carefully analysed for signs of strength or weakness to identify if the main or alternate Elliott wave count is more likely.
Today looks like a typical back test of support after an upwards breakout. The identified area of support is holding.
Targets remain the same.
Another downwards day closes green with a smaller range Doji. Analysis of volume within the session supports the Elliott wave counts.
A small inside day leaves the Elliott wave counts unchanged.
For the short term, a little more downwards movement was expected. Another red daily candlestick has printed with a lower low and a lower high, fitting expectations.
The first target at 2,739 to 2,738 was passed. The next target at 2,722 has not quite been met.
Today the AD line and Lowry’s data is used to indicate the most likely next direction for tomorrow.
More downwards movement was expected for the session to reach the lower edge of a channel. The channel was overshot and price quickly reversed to close back within it. This is mostly what was expected.
A small range downwards day saw price move mostly sideways. Price remains above the Elliott wave invalidation points and within the channel. Targets remain the same.
Upwards movement continues towards the targets.