On SPX the daily middle band was backtested today and was respected. As long as that remains the case on a daily close basis then last week’s low at 2405.70 should at minimum be retested soon. SPX daily chart:
My infatuation with retail shorts is aided greatly by the collapse in auto retailers. Here, for instance, is my first post about shorting O’Reilly. It has fallen 35% in the half-year since that post. Of course, in typical Sloper fashion, instead of thanking me effusively for a great idea offering for free, I get this………
So how many times have I touted auto-related retail stocks on the short side here on Slope or on Tastytrade? A hundred? A thousand? Suffice it to say……..a lot. Here we go…….
I trust Slopers had a safe and enjoyable Independence Day. My family watched about seven different shows from our lofty air-conditioned perch, while I played Sousa music through a laptop. It isn’t exactly like being there, but it’s awfully close.
Looking at the markets this pre-market, the ES is doing a whole lot of nothing. I’ve tinted out what I’m hoping is a decent top, with 2412 being a key failure point.