Looks like a good short here too.
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My Lack of Fashion Sense
Short JWN. Stop=18.26 (one penny above retracement).
Remain CALM
This looks like a good short, although my stop is very wide – 30.56
Fakeout or Breakout?
Another strong day on the market, thanks for the fairy-dust that Washington continues to sprinkle. Let's take a look at the /ES:
There was a very clear breakout above Monday's 821 high today, but then it sank beneath that level. It pushed above again, even higher, then sank beneath again. As I am typing this, it is pushing above a third time.
Is this going to be a true breakout and perhaps carry us up as high 850, or are the bulls reaching exhaustion?
X Marks the Spot
Looking at the S&P 500 index, I noticed a convergence approach on two trendlines of resistance: the first one is the trendline established by the general downtrend from October forward (we have, by definition, been beneath it during the downturn of the past six months), and the second is defined by what had been the bottom in November when an uptrend seemed to be taking hold (this uptrend was terminated February 17th).
My conclusion: getting above 850 in the coming weeks looks unlikely.
