EOD: ES [Mar 18 '22] cash high from 11/22/21 at 3735 still remains to be taken out. ES [Mar 18 '22] 4743.75 is the non-cash high from 12/16/21 which also remains to be taken out cash or otherwise. A strike at 4747 zone or higher in cash would eliminate all the highs that have been holding so far. Since January '22 is still the preferred target date for a terminal higher high or a lower high, prices could expand in either direction.
HOWEVER, one or two caveats, weekly breadth is still in the gloomy depths though this week gave some relief, the red signal is as low as it has been for a long while at -219, it went as deep as the -250's at the 2020 lows so it's only 12% above that level right now. SVXY is not confirming the SP-500 highs. It topped on 11/1/21 so far. No turn signals have printed at the bottom bounces and UPRO has never overlapped any more than 38% into SVXY- both not great signs.
HOWEVER, one or two caveats, weekly breadth is still in the gloomy depths though this week gave some relief, the red signal is as low as it has been for a long while at -219, it went as deep as the -250's at the 2020 lows so it's only 12% above that level right now. SVXY is not confirming the SP-500 highs. It topped on 11/1/21 so far. No turn signals have printed at the bottom bounces and UPRO has never overlapped any more than 38% into SVXY- both not great signs.
10:28am EST: ES 4717.75 zone has hit so far
Pre-open 12/23/21: Cleared the fib projection. Could be expected as 12/24 - 12/27 was an expected event date window +/-1 so still inside that window. Let's see if it holds into the cash opening.
Fibonacci span 'FIB.B' hit 4690 zone. If a fib corrective up, then a rejection should print next. Odds are better than average as this would represent the third fib span corrective in this structure of various sizes and SP-500 is still holding it's high from 11/22/21 target date. Once again, no closing turn signals have printed so off to another range swing most likely. Could be a swing to a new low as summation index is pegged at a low on the stochastic and the MACD is trying to lift itself off lows but not really moving higher so looks like lower yet before it bounces into mid-late Jan '22.
The bots will flag here when they see a top. (1/25/20, 2/20/20)
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