Mini SP500 Intraday Update: Tired Of Playing the Nasdaq Game?

These futures contracts are far more violent than the SP500 index  charts that I have posted. It’s like they come from two different planets. In February we have two major bottoms, but when we switch to line type settings,  that wave 1 in Minor degree is much longer.

What must be obvious is that we have another lower high since the January peak and if we draw a line across this first lower high, we get a H&S pattern rolling over as well. Looking for lower highs too early in the game doesn’t always work, especially when we are dealing with a 4th wave.

As I post the markets are still heading down so my wave counts may have a longer life span at this time.

The Gold/SP500 ratio hit 2.0:1 which means it takes two gold ounces to buy one unit of the Mini Sp500.  I have many readings at this ratio, which tells me the markets are smashing up against a ratio brick wall. A cheap ratio would get closer to .75:1, so this ratio would have a long way to compress before we even get close when this market becomes oversold again.

I may switch to any ESY00 or even the SPY00 charts  more often to get a different perspective.

Hits: 7