Well, a full week is upon us, and we enter a period in which we don’t have any damned holidays to interrupt our trading until September rolls around.
Looking at the ES, the topping formation is still in the throes of completion. Simply stated, the steady series of lower lows and lower highs must not be violated, and the gentle downtrend illustrated with the red trendline needs to keep drifting toward that much longer-term blue supporting line and break it. If we can do that, it’s party time. The line in the sand at 2417.50 is still important, and I’ll breath easier if we can get to the lower side of it.
As for the NASDAQ, as I’m typing this, it’s still up a little, but the key is that it stay beneath that green yellow tint. It’s not the end of the world if we push above it, but it would make it squeaky-clean if it didn’t, because we could continue forming an amazingly clean top, terminated by the 5580 level as its base.
I want to make sure all of you read about this weekend’s improvements to SlopeCharts, and I’d like my PLUS members to know that an important new SlopeCharts feature is coming soon just for them.
