Elliott Wave Futures Signals - ES Topping Formation

The S&P is still topping and has a nice head and shoulders top formation in place and I expect the market to sell off any minute.  Not internal change to the bearish outlook as my proprietary indicators have 144 bearish signals triggered and only 6 bullish signals.

In looking at market breadth and internal strength I get a bit of a mixed bag but a slightly bearish bias overall.  The $DWC.X, Russell, and especially the Nasdaq all have slight or significant bearish divergence between price and advance/decline issues.  The Nasdaq and Russell being the worst.  And seeing as that those two indexes tend to be good risk barometers, and therefore they tend to be the first to signal new moves, that's why I have a slightly bearish bias to market breadth overall.

But to be fair and objective, the NYSE and ARCA, which are two very strong overall market bellwethers, actually have their advance/decline data rising higher than price, which is often a bullish indication.

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