Today 06/26/23 the S&P 500 (SPX) ended the session down 19.50 points, with 67% of NYSE stocks advancing vs. 32% stocks declining. This bullish divergence implies the SPX may have made a short – term bottom today or could bottom early on 06/27/23.
The SPX 15 – minute chart courtesy of Trading View updates the short – term action.
The move down from the 06/22/23 peak – labeled Minuette wave (b) appears to be an Elliott wave – Ending Diagonal Triangle. The 06/21/23 blog “Shallow Correction – 06/21/23” noted a bottom could be made in the 4,330.00 area. The SPX low today was 4,328.08. Frequently Ending Diagonal Triangles terminate with a throwover of the trendline connecting waves “one” and “three”. If this occurs the SPX could bottom in the 4,326 to 4,322 sometime early in the SPX 06/27/23 session.
Four Dimension Trading 