I’m going out on a limb here and saying that the intraday high for June 11th is in place, thanks to a Negative Momentum Divergence and Elliott Wave “5th Wave” Terminal Target.  Let’s see these on the chart before today’s close.

Today ‘felt’ like a Trend Day and price broke above the key 950 level on the S&P 500 but we’ve set-up a possible non-confirmation that might prevent you from getting aggressively long at this level.

A clean 5-wave Elliott Progression (5-waves) has formed (with each wave fractalizing properly) and the final fractal 5th wave seems to be in place.

On the S&P 500 Index itself, you can see a doji (or a evening doji star) has formed at the highs just after 1:00pm, both of which are bearish reversal candles.

A negative volume divergence has set-in as price crested to new highs above resistance.

The Negative Momentum Divergence is plain, and highlights a key non-confirmation of the day’s highs.

The day has yet to close so we still could see a run-up off the EMAs for support, but from what I’m seeing now, odds favor a move down  with the intraday high just above $96.00 on the SPY as being the high of the day so far.

Let’s see how it plays out into the close.

Corey Rosenbloom, CMT
Afraid to Trade.com

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