[EOD] Stocks -
SPX closed above its MA200 (Chart 1 with updated potential fractal). Squiggle count in conjunction with the wave structure in ES (see the 1250pm update) suggests the pending high is likely wave [iii]-up (Chart 2, blue). The top bearish count is noted in Chart 2 (red) and Chart 3-red to the right.
[1250pm] SPX/ES update -
SPX hitting MA200 from below (Chart 1 to the right), which could present near term resistance. On a separate note, Chart 1 updates the potential fractal highlighted two weeks ago.
However, SPX squiggles(Chart 2) presents a more sustainable bullish setup. So does ES (Chart 3, blue) if one sticks to Prechter's theory that wave 3 cannot be the shortest, otherwise an initial five up from the nominal low in ES could be at hand (Chart 3, red).
[650am] ES update -
A visual five-up in ES on the squiggle level from its nominal low (Chart 1). See Chart 2 and
this chart for the larger count.
