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US Indices

SP500 – Daily Analysis

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Daily Nasdaq Open Articles SP500
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It was a heartbreaking see-saw session today. The S&P 500 fell 1.7% from high to low, then bounced 1.1%. Was that a bullish setup—or just a warm-up before a bigger drop? As always, the devil is in the details. Let’s zoom in.

CANDLES

All indices advanced today, and although they formed red candles, all managed to push the price above the 8-EMA—likely a return to the rally path. QQQ appears to be leading, having printed a bullish signal none of the others did, which is healthy. IWM’s candle is somewhat concerning, as it could trigger a pullback or a consolidation phase.

Overall, SPX is slightly bullish, and now we need to monitor momentum—particularly the weekly close.

Short term: SPX — slightly bullish
Mid term: SPX — bearish (unconfirmed); Friday will bring confirmation or rejection
Long term (15D and larger): SPX — bullish

Elliott Waves

Short Term

Today, SPX moved aggressively downward but failed to form an impulse. Immediately after that failure, it formed an impulsive wave i to the upside and possibly completed wave ii just minutes before the close. While the blue count for a larger correction remains on the table, I consider the last three days a possible (i–ii)–i–ii setup, with wave (i) as a Leading Diagonal. If this hypothesis plays out, the rally is outlined. Wave iii of (iii) is possible tomorrow.

Mid Term

On the grand scale, I need at least several days to obtain technical readings for the most probable count at the moment. Both counts remain on the table.

SUMMARY

SPX, Dow, and Nasdaq turned moderately bullish, with a good chance of a continued rally tomorrow. The Russell has better odds of consolidating or making a minor pullback.

Overall, bulls did not allow bears to extend pressure to the larger frames. Now the pivotal decision will come with the weekly close on Friday: last week’s bearish signals should be either strongly mitigated or entirely rejected.

Short term: SPX — moderately bullish
Mid term: SPX — bearish, pending confirmation/rejection
Long term (15D and larger): SPX — bullish

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Happy Trading!

Daily Nasdaq Open Articles SP500
689
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