Midday Update: 2023-01-18
After Nasdaq pushes to a new high over yesterday, S&P 500 rolls down from a lower high
Here is a 24-minute chart of S&P 500 futures. Note that ES never made it to a new high over yesterday. Perhaps a low degree impulse down ended in the late evening last night and the lower high today is a wave [II] which is followed by a strong thrust down in wave [III] this morning. I posit that we are late in an extended third wave now and due for a choppy retrace this afternoon. Resistance for a wave [IV] is at 3982.50 and 3991.00.
Here is a 24-minute chart of April gold which is not yet the front month but does have open interest climbing fast. Looks like a possible extended third wave down from the morning high today. Resist for a wave (IV) at 1926.94 and 1930.18.
Quite amazing but not a really surprise. I suppose we need to get any confirmation of a downward and impulse move...!