This chart of the /ES tells you everything you need to know about this week:
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
The graph below shows that the NASDAQ Composite ($COMPQ) has retraced to two major Fibonacci retracement levels:
- The 23.6% level of the retracement going back to March 10, 2000 (shown in pink)
- The 50% level of the 10/31/2007 to 3/9/2009 timespan (shown in green)
For those of you using Fib retracements, the confluence of two major resistance levels should have more import than if it were just one.
I went down to the business center to print a document out, and I noticed this sign above each computer:
As my "what I learned" post late last night mentioned, I regretted not getting into a counter-portfolio trade yesterday (tinted in yellow). They're not going to do this to me again, though. I bought 20 /ES at 1023 earlier (tinted in blue). If the market plunges, so be it, because that's good for the rest of what I hold. But if it surges, at least I've got some serious action on this /ES to salve the wound.