Note from Tim: I wanted to preface this thoughtful post from Rev with something that happens very rarely……..a coupon to Slope Plus for those of you considering it. I am offering a free month for you to try the service by clicking on this link. When you do, enter the coupon code winter2017 and it will give you the first month for free. (This coupon is only going to be working for a few days, so don’t lollygag). Please note this discount works for ANNUAL subscriptions as well, so you’ll save the most by going for an annual, since you get two months free already.
Besides all the normal extras you get as a Slope Plus subscriber, you’ll also be getting the very best ideas I’ve got (many of which have been doing really well, even in this market, as you’ll see once you have access). I hope you’ll give it a try. On with the regular post now…………
Happy weekend Slopers! It has been over a year since I have offered a header post, so let’s take a look at the interesting point markets are currently at.
Starting with SPX, shown below, the markets have been in a slow building parabolic rise since the Brexit lows, continuing their rise off the November election last year, followed by another leg higher to start 2017. Have we arrived at the short term top, or is there more to come?
The bears certainly had a shot at the end of this past week to end the short term uptrend. ATR’s short term sell reversal going into next week would be a close under 2353.80. For those that have been riding the trend higher this year, the next short term sell reversal would be the time to take trading profits. Until then, using ATR reversals to ride the trend as long as it last is enormously profitable in long lasting short term trends.