A nice example (by way of crude oil) has a trendline changes roles from resistance (red arrow) to support (green arrow).
My wish is simple: for the market to BREAK. You know………BREAK. Like a breakdown. A sustained downturn. Something lasting for more than a few moments. Something that can survive Gartman turning bearish. That kind of break. As it is now, we’ve broken the Dow Jones Composite, but the goddamned thing is just………….sitting there:
It’s becoming increasingly difficult to wax poetic about a market which isn’t doing anything. Just look at what’s happened over the past ten weeks on the ES……..no net change:
Sure, it’s had its ups and downs, but the market is, on the whole, trendless.
Each week in NFTRH we review the multi-currency (weekly) chart and occasionally take a look at various pairs and ratios as well. With the look of things this year (so many items are going sideways) it is hard to fathom how anyone would want to be a FOREX jockey right now.
The multi-index chart shows Uncle Buck, Euro, Canada Dollar and Aussie Dollar going sideways with only the bias varying (e.g. CDW looks bearish and XAD tinged bullish). What a boringly sad crew with the exception of the Yen, which is still in rebellion (breakout) mode and the terribly bearish GPB, which could be making a bounce pattern.
USD-EUR is in an ugly pattern above support. (more…)
Here’s your swing-trading watch-list:
Long Allegheny Technologies (ATI)