The Daily Drip

Elliott Wave and technical market updates on SPX,NDX,DOW,IWM,DXY,BITCOIN

Note: The counts on the right edge are real-time, and they are prone to adjustments as price action develops. Elliott Wave has a fluid approach, is evidence-based, and requires constant monitoring of certain thresholds.

In the counts below, this (( )) = circle on chart

Chart of the Day $SMCI. - trees do grow to the sky. But in another Universe, not on Earth.

SP500

Wave (ii) is in jeopardy but correct assumption until we get above 5048 mark. The market has enjoyed expanded breadth today, even with some of the large-cap names under pressure. Tomorrow is the monthly option expiration; expect volatility to increase.

The 20-day MA continues to offer support and entry opportunities as the market trends higher. A close below it would hint at the start of a correction.