Mup, your diagonal was right on.... that was great analysis/work! The latest "beige book" was just announced with bearish housing and retail projections... if the market can continue to rally with this news, even I will get positive on this market!
Prepare to close long position. It's sheer dumb luck, I break even today with some dollars left to buy some food. Don't have to stay hungry tonight.
Back to the ALTs A key area the 1472 area.... Either they need take a breather to absorb the supply or wide spread through it.
The second right shoulder is forming as Minute Wave 4)c.4. The previous shoulders, the 25 dSMA and 200 dSMA will be resistance levels.
SPX 60min Bumping against the 38.2% and it 62 (fib) points up from the low.. Again the supply needs to be dealt with.
The data from the Beige Book is "old" news . . . Besides, the market wants MORE weak economic news to ensure another rate cut by the Fed.