New Test 10-18-22
Each of the U.S. indices we track closed higher on the day. The spot VIX index remains above its 50-day EMA (24.56), meaning that the S&P 500 is not out of the woods.
More likley than not, the rally extends itself overnight.
That being said, the 60 & 240-minute time frames have bullish TAS Market Breadth and thus a further rally may unfold.
The daily ES generarted a Bullish Engulfing candle which adds to Friday’s bullish Hammer candle that confirmed a “buy the D point” pattern, which suggests a rally to its OUL, currently 3895.
The 60-minute chart should target 3929 and a close above that would suggest a further rally.
The 240-minute chart has a RMI bottom and with price above the top of its profile, a further rally is likely.