Still Looking Higher - Market Analysis for Jun 11th, 2024

While we have nominally broken below yesterday's low, the structure in the SPX still suggests that at least one more higher high can be seen.  And, even though the IWM is attempting to dispel me of that expectation, I have to present what the SPX is showing to me.

Overall, nothing has really changed.  I am still expecting that we rally to at least the 1.618 extension on the 5-minute chart to complete either an ending diagonal off the low struck on the last day of May, or, in the alternative, it would complete the wave [3] of a standard Fibonacci Pinball impulsive structure, as I have been outlining of late.  The standard structure is noted in the alternative - and presented in blue - due to the potential that the market can top at any point now.

We have many signs that suggest we are nearing what could be a major market top, so caution is still well advised.  We would need to take out the micro support noted on the 5-minute chart to suggest that we may not get at least one more higher high.  But, for now, I am still expecting that higher high, if not two more.