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Good Tuesday Morning, MPTraders! April 28, 2017-- Pre-Market Update: ES climbed to a higher ATH at 7223.25 overnight before geopolitics once again interrupted the 4-week vertical assault from the 3/31/26 low at 6353.25 (+13.7%):(FinancialJuice)June Crude Oil popped from under 98.00 to a two-week high at 101.85 so far (see my attached Oil Chart), and now points to 103.30 to 106.60 next. To regain negative traction, June Crude needs to reverse below 98.00... Last is 100.90...ES reacted negatively to the news and to the up-spike in Crude Oil. My attached Hourly Chart shows the decline from a new ATH at 7223.25 to the pre-market low at 7155.25 thus far.
The upside action has been waning of late as we are grinding higher to complete this 5th wave. So, there really is not a lot to add to the analysis. What is also interesting is that the SPX can be considered as completing this 5th wave imminently (or just a first wave in a more extended 5th wave), while the ES looks like it still has a bit further to go in completing an ending diagonal for this 5th wave.So, it leads us to one conclusion: We will need a break down below the wave iv low (7046.
Today, the market appears to have put in a local top, trading lower throughout the regular session. So far, the downside structure looks corrective, which provides an early signal that at least a short-term top may be in place. There is also the potential that a larger Wave 1 top has formed. With that said, price remains well above the initial downside pivot that would need to break to confirm a more meaningful top, with even larger support levels below.
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