Slope of Hope Blog Posts
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Well, the bulls are suckling from the hoary teat of failure this morning, and it couldn't happen to a nicer bunch of lads. I confess that I sold my ERY long, GLD short, and part of my TWM long a little while ago, but on the whole I am closing out only two things:
In other words, I'm leaving everything else open, albeit with increasingly unforgiving stops.
With the /ES down nearly 20, we seem to be at an important retracement level. But, just to keep beating a dead horse, I think 880 is just around the corner – – – then the real juncture is before us in terms of core direction.
There is no need to say anything more complex than this: the graph below isn't bullish. It shows what might have been a wonderful breakout for the bulls end up in failure.
To my eyes, a move toward 880 on the S&P is virtually a foregone conclusion. When we do get to 880, the bulls should be wringing their hooves over whether that level will hold. If it does, we'll just chop around between 880 and 920. If it doesn't hold, we're heading to 800.