New all-time high in SP500 today. As discussed in the weekly commentaries, it is less relevant with respect to the larger degree counts as so many other benchmark indexes have made new all-time highs in recent months.
Near term tracking places SP500 at around wave 3 off the April low and ES around wave 3 of wave 5 off the April low. If wave 4 in ES is a triangle, a five-up off the April low in ES could be about done. See charts.
[1218pm] SPX update -
[925am] ES update -
Note the potential small-degree EDT if ES does not turn down given the well-formed five-up. See chart. See yesterday's EOD update for counts on SPX cash index.
