I’ll do some “real” posts over the weekend. I will be traveling very early tomorrow for reasons I cannot disclose until later in the weekend. In the meanwhile, I’d like to once again share one of my favorite movies ever, which I’ve watched many times, My Dinner with Andre. Near the very end, it closes with a quote that seizes me every time I hear it: “A baby holds your hands, and then suddenly, there’s this huge man lifting you off the ground, and then he’s gone. Where’s that son?”
I’m working against the clock again so I’m mainly going to let the charts tell the story today.
The very short version is that SPX, ES & NQ are testing big support areas today and our lean is that they find support there today into a higher high next week, after which we see a return to these support levels and likely a conviction break below. Number, level, rationales etc all on the charts. TF important today as there is already a possible double top there that needs to not break down with conviction.
Stan and I are doing our monthly public Chart Chat at theartofchart.net on Sunday and we will be looking at everything in detail there. If you’d like to attend then you can register for that here. I talked about the setups in my premarket video for Daily Video subscribers at theartofchart.net this morning and if you missed me posting that on my twitter earlier you can see that here.
Here’s the headline news from this morning’s Palo Alto newspaper. It seems that a local high school, St. Francis, invested $15,000 into SnapChat when it was just starting. They sold out at the $17 IPO price for a cool $24,000,000. Kind of a shame that they didn’t hold on just a couple more days, eh? I have a feeling there are some school boards that will be getting some very bad ideas based on this article. (Incidentally, it looks like the value of those shares would be $40,000,000 as of this writing, not even two full trading days as a public firm).
I usually don’t pay much attention to the ads that play before YouTube videos, but this one held my interest long enough to watch the whole thing. Here it is (please do watch it, since it’s only about a minute and kind of interesting):