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Another 411 points off the Dow. Twenty more days like this, and the Dow will be at 0, and the bulls will have nothing left to worry about.
Anyway, I'm going to step away for a while. Tawk amongst yerselves. I'll give you a topic. The Holy Roman Empire was neither Holy, nor Roman, nor an Empire. Discuss.
Urgh. This is a beautiful chart, but I'd rather buy puts on it than short it (long story). The puts on this are horrible (no volume, giant bid/ask spread), so can anyone suggest a better instrument? If you have a really good one, email me. (But only about this topic……….I'm busy enough).
Sorry to obsess over retracement levels so much, but this newfound discovery (for me) has been terribly helpful, And yes, as King of ProphetCharts, I've already initiated a suggestion for a feature related to this that will help us out.
Anyway, the 870 level has been quite helpful today. So far, we've managed to keep below it over the past hour or so. The thing that's of most interest is to see if we can make it below the low so far of 859. That might get some wave 5 action really going.
We're down nearly 1300 Dow points since Election Day. Amazing! I noticed that the Dow Transports are beneath their fan line dating back from 1932.
I would also point out the Dow Jones Utility Index (not the same as $UTIL, but worth following, since I believe it is the basis of SDP) is beneath extremely strong resistance at 145.
The IHS pattern we've all been closely watching is a memory at this point, as many important ETFs cut below their October 10th lows (which constituted the left shoulder). Early today, I got out of my EEM position.
Notice how the blue line (the neckline) didn't even come close to being penetrated, whereas the red line (based on the lower level of the left shoulder) has been compromised.
I would also mention, at the immediate moment, it looks like we're getting a tiny bit of a rally (well, if you want to call it that). I'm planning to do with it what I did yesterday……..make a little on the upside via ES, but not stick around.
