Midday Update: 2023-05-11

SPX trying to push down, needs help from Nasdaq 100

S&P 500 futures pushed lower through the early morning such that we ended up with a gap down in the day session and a low near 10:30 against minor support at 4111. After that, a bounce back to overhead resistance at 4130. I like giving bears a chance while under 4130 but you wouldn’t be wrong to sit on your hands till NQ starts to break lower. You can see in the following chart how the 20 period EMA has gone flat, no trend.

Stuck in a neutral area for now

This is a 15-minute E-Mini Nasdaq 100 chart from my intraday workspace. Notice how it is only just off the highs versus SPX which is toward the bottom of the range. Not shown, but Dow futures are under the lows from yesterday. Bears need NQ to begin to break to really get much of a move lower going. A break under the morning low today, say 13360, would help SPX down.

Bears need NQ to help out

Euro leaking lower getting closer to the next minor target down at 1.0920. I had a question as to where the high is. The answer is I’m not sure. Either on the April 26th high as marked or on the May 4th high. Using the first high would mean the current five wave move in progress from the May 4th high could be (V) of [III] of i.

Late in wave [III]?

Crude doing well pushing down today in what I’m calling (B) of [b]. First target at 69.80, next at 67.70.

On plan in (B) of [B]