Not an impressive day for the bulls on ES today. The IHS that I posted Thursday morning was a bust and after hours ES came within five points of Wednesday's low. I have a possible shallow rising channel on ES but ….:
On the whole the indicators still remain bullish, copper was strong and USD was weak. EURUSD appears to be retracing some of the recent move down, but has struggled to get past the neckline of the big H&S pattern at 1.2735. It may not get past it as that is a strong resistance level.
I'm thinking that we touch the upper trendline of the SPX declining channel again before we turn down again but not all retracements are strong reversals. Some just chop sideways for a while until the other side of the channel reaches the trading range and that's what I'm now expecting to see. The bulls' best chance of a strong bounce was today IMO and their efforts weren't impressive.
There's no compelling reason to be long here before Friday's GDP results and after that, unless the GDP figures prompt a break with confidence of Wednesday's low, then I'm thinking we'll probably see the rangebound trading that often happens around holiday weekends.
I'm away all of Friday so everyone have a great weekend.
Let's notice that during the August corrective period, Qualcomm (Nasdaq: QCOM) has carved out a contractionary, coil-type consolidation pattern in the aftermath and atop its prior explosive upmove from the July low at 31.51 to the Aug high at 40. At its deepest corrective price of 37.45 at the 8/16 low, QCOM had retraced only 30% of the entire prior upleg.
As of this moment, QCOM is trading above 80% of all of its action since the July low, which is a very impressive feat, and a bullish sign. The overall picture is very constructive for upside continuation from the coil, which projects to 42.00/50.
Originally published on MPTrader.com.
I got this important email from Iggy:
I contacted the restaurant and they have no problem at all with separate checks for a group this size. Therefore… you're all on your own for food and beverage. I will NOT be collecting any money at the event for dinner. Saves me a lot of trouble and makes it fair and easy for everyone.
If an "after party" does materialize, those taking part can chip in for refreshments or whatever is decided on. There are a lot of bars and nightlife there at Broadway At the Beach so who knows, we may end up there and doing our own things.
As far as attire, I was serious about it being casual. How casual you want to be is up to you of course. Shorts? Maybe… Even Iggy may put on his big boy pants for a change. ;-)
Really looking forward to the event folks. Can't wait to meet and see you all.
There are already more attendees at Slopefest East than attended the original event. There's more information about the event here (although you can ignore the stuff about sending money). Come join the fun!