Something That Gives Bullish Me Pause

I have no crystal ball, so I’m just accumulating evidence and trying to assess. This morning I pointed out my bullish expectations and the bearish alternative, but I would like add a point to that discussion. Something that shows up a little bit clearer on cash $SPY than it does on $ES is a little triangle below us. And note its position in relation to the prior one (these are the minute [blue] b waves), how similar they are to each other.

That’s a bad place for a triangle if you’re trying to be bullish (one wants to see triangles high, not low). It may mean that this move up, like the last move up is counter-trend, a 3-wave move.

This dampens my bullishness to some degree.

SPY

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$ES May Get a Reaction Here

Just making an observation here: $ES is approaching the upper bound of its bullish wedge. It may have a reaction here of some kind. I’m not suggesting one stand in front of the freight train, as $SPY sliced through its different trend line like it wasn’t even there, and this is welcome do so as well. However, if it needs to take a sip of air, this is a good place for it to try to do so.

ES