This is the fifth time I’ve recommended the documentary Man on Wire to Slopers. Since I’ve been somewhat ill lately, I watched it again – probably for the 12th time – and I again must say how valuable it is to take in this flawless piece of art. Absolutely captivating and engrossing. If you have Netflix, it’s on there, and here’s the trailer otherwise:
In Chart Chat on Wednesday morning Stan and I were looking at the next support levels on SPX and my pick was triple support at rising support from the Feb 2016 low, and the 200dma and annual pivot levels at 2538/9, all a match with a retest of the ES globex low on Monday night. We were thinking that might well yield a bounce but that SPX would likely go lower afterwards. SPX tested that today, and is bouncing so far, but rising support from the February 2016 low is now broken, after that also broke on RUT on Tuesday morning. Both breaks are likely to follow through to the downside before this retracement is finished. Intraday Video from theartofchart.net – Update on ES, NQ and TF:
I bought puts where that red arrow is. I think we’re done now. On an unrelated note, I’ve been frantically lightening up my shorts – – ZH had an excellent article this morning calling for a low on the SP at 2540, and WOW, B of A (the analysts) nailed it!
Fellow Sloper Pedro Fabregas was kind enough to send me these charts and authorize me to share them with you………some “top down” views of the S&P 500 (as always, click on an image for a bigger version):