I was delighted to find out that Twin Peaks, a favorite show of mine, was returning after twenty-five years. And then this occurred to me……….
My work has triggered preliminary signals that the correction of the Sept-Dec upleg in the ProShares UltraShort 20+ Year Treasury (TBT) ended at yesterday’s (Jan 12) low of 38.19, and that a new upleg has commenced.
Let’s notice that the 24-hour upmove from 38.19 has stalled just below 39.90, which represents the resistance line off of the Dec high, and which, if (when?) hurdled, will trigger upside potential that projects to a retest of the Dec-high zone at 41.70 – 43.00.
Only a decline that breaks 38.19 will neutralize the constructive chart set-up.
Mike Paulenoff is founder of MPTrader.com, where he provides live intraday analysis and trade alerts covering the equity, commodity, and currency markets.
Stan and I were asked an interesting question yesterday, which was whether we had any historical stats for how equities tend to perform on Friday the Thirteenth. We don’t, and I don’t recall ever seeing any. Has anyone seen stats on this? Interesting question and if I ever have some free time I might work some up just out of interest.
I was saying yesterday that the decline was likely a practice run as part of the topping process and well, here we are. Nice technical day yesterday with the ES & NQ declines failing into obvious bull flags. The NQ flag broke up yesterday and made target at the ATH retest overnight. The ES flag has broken up at the open today with a strong target back at the retest of the all time high. That’s so close now that we’ll likely do that today.
Here’s the link to my premarket video for Daily Video Subscribers at theartofchart.net this morning, also covering DX, CL, NG, GC & ZB of course. We’ve been nailing pretty much everything except GC this week, though Stan had a better handle on that than I did. I pretty much redrew my GC chart from scratch yesterday night & think I have a good handle on that now. We’ll see in the next day or two whether I’m right about that. If you’re interested in trying the services we offer there is a two week free trial available on this page here. That covers all our services except the Big Five Service covering AAPL, AMZN, FB, NFLX & TSLA. (more…)