Market Analysis for May 8th, 2020

Looking for this to head higher still but the little "jog" from 2915 is not what we should typically see in the heart of an impulse.

OMH at the micro level toward 2940s can complete the 5th of a more muted measured move off 2820 potentially as an alt yellow b of a wider expanded flat for the 4th.

That yellow alt b actually looks pretty good on the SPX, but remember those SPY blocks as resistance... >293s can easily allow extension up to test the 100 & 200 MAs.

@ES# - Nano Counts - May-08 0833 AM (3 min)
@ES# - Nano Counts - May-08 0833 AM (3 min)
SPX.XO - Micro Counts - May-08 0852 AM (15 min)
SPX.XO - Micro Counts - May-08 0852 AM (15 min)
Zac Mannes is a senior analyst at ElliottWaveTrader.net and co-host of the site's Stock Waves service, which provides wave alerts and trade set-ups on individual stocks.