I guess the old saw about the importance of avoiding politics and religion has a lot of truth to it. Back in the days of our prior Fed chief, when I’d refer to him as “Benjamin Shalom Bernanke”, some guys would get their panties in a wad, even though Shalom really was his middle name. And this morning, after I sent out this tweet…..
….a couple of folks got worked up that I dare question the temperament of our new leader. So, on the whole, I guess I’ll try to stick to charts (although I’m highly confident the above tweet will be borne out as prescient).
In honor of this momentous day, a clip from a very silly movie from 1980, First Family:
Stan and I did a webinar on fibonacci retracements and extensions last night at theartofchart.net, and if you would like to see the recording you can find that here. That’s looking very topical this morning as I was showing a number of fibonacci retracements on various timeframes there, and on the ES & TF charts that I did for Daily Video Service members after the webinar, I was talking about the fib retrace levels that ES & TF hit at the lows yesterday. You can see yesterday night’s comments on the charts below of course.
On ES the rising channel broke down in the morning and the LOD was a 50% retracement of the channel. I mentioned that this was a very possible place to start the last leg up if ES could convert the weekly pivot at 2264.75 to support and that’s looking good so far this morning. No ATH retest yet but getting closer. ES Mar 60min chart: