Just a quick late-night post, now that earnings are out. Four big announcements came out – Starbucks, Intel, Microsoft, and Google (oh, sorry, Alphabet) all announced, and judging from after-hours trading, the results were nothing to write home about. The NASDAQ has been lurching to lifetime highs on a daily basis, so it’ll be interesting to see how the $NDX reacts during normal market hours to all these not-so-spectacular reports. We’ve got a shooting star on the NQ as I’m typing this:
Norm MacDonald has a podcast called Norm MacDonald Live in which he gives jokes for guests to read. This is a compilation of the best of them, and I’ve probably watched it a dozen times already. Hilarious stuff……..
I mentioned in my morning video on Tuesday that Tuesday and Wednesday were both cycle trend days. That means 70% odds that the day is dominated by one side or the other, but often not an actual trend day. Both days were dominated by buyers and ES peaked at 2299.50 overnight.
Are we still going to get a backtest of the triangle? Likely not, as the thrust up yesterday was strong enough to be part of the main triangle thrust. However we are looking for a three part move here, and the first wave looks completed, with full 60min sell signals fixing on all of ES, NQ and TF overnight.
Well, here we are with the S&P500 Futures approaching 2300, Nasdaq at all-time highs, Dow at 20,000, and Russell showing strength after 1.5 months of consolidation.
Were there clues?
Well, if you believe in Elliott Wave voodoo magic, we had what might be a textbook ending diagonal – (very difficult to spot while it’s forming) – that then reversed after completing.
Russell: Ending Diagonal
The Russell completed a 1-2-3-4-5 ending diagonal where each number was an a-b-c zig zag. We alerted a Buy right at the optimal point.
Dow Jones: Break of Descending Trend Line (more…)