Slowly Grinding Higher - Market Analysis for Apr 27th, 2026

The upside action has been waning of late as we are grinding higher to complete this 5^th wave.   So, there really is not a lot to add to the analysis.   What is also interesting is that the SPX can be considered as completing this 5^th wave imminently (or just a first wave in a more extended 5^th wave), while the ES looks like it still has a bit further to go in completing an ending diagonal for this 5^th wave.

So, it leads us to one conclusion: We will need a break down below the wave iv low (7046.55)to tell us this rally has concluded, and we have moved into either the blue wave 2 pullback, or an a-wave in the start of a long term bear market.    So, until we do break below the wave iv low, I am going to be watching for the potential of a (i)(ii) set up for a more extended wave v of 1.