OK, I’m back in front of my computers and ready for the new week. Here’s my first idea, which is based on a modest topping pattern and gap-fill:
Slope of Hope Blog Posts
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Advantage Santa
I posted a chart on twitter on Friday evening showing the move up from the lows last week, and showing the strong setup there to retest the highs today. The low on Friday morning retested the break over a double-bottom targeting the 1814 area, and by the close a rising channel from the lows had formed on SPX. While that rising channel holds I’d expect a retest of the highs by lunchtime today, as the channel support trendline is rising an impressive 18 points per trading day. If it breaks down then the double-bottom remains a strong setup as long as Friday’s low at 1796.81 holds. SPX 1min chart: (more…)
