Daily Archives: June 8, 2017

The Importance of Trendlines

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My apologies for the lack of posts so far this week. I’ve not been feeling great and it’s been a struggle just to keep up with my daily output for subscribers at theartofchart.net. Planning to resume these posts on a daily basis from this post today.

Last Friday NDX/NQ broke a strong resistance trendline, and that has opened up higher targets, not so much on NDX/NQ, though I have a longer term resistance trendline on NDX in the 6000 area that I will definitely be watching with great interest if reached. NDX 60min chart:

170607 NDX 60min

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Mondo Boxo

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Here we are, on another one of those ostensibly “big days” in which all kinds of geopolitical events are supposed to turn the markets upside down. Meh. If there’s anything consistent about the past few years, it’s that these pre-announced big days turn out to be a big box of wet firecrackers, and the handful of actual market-moving events some along completely by surprise out of nowhere (like the brief, but enjoyable, Trump Dump from a few weeks ago).

Anyway, at least our old friend crude oil is always there to move to and fro with gusto. A key support price level is rapidly approaching, and a failure of that line could cause the energy bear market I’ve been milking to really kick into high gear. It’s nice when global, natural market forces actually overrun the efforts of OPEC to artificially prop up oil into lofty fakeness.

0608-crude