I took nice profits off my SLV and SLW shorts this morning and am now focused on my long (yes, long) SPY position. This pattern almost seems too obvious, but it's very, very clean.
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Flip Side of the Silver Coin
Run to Resistance (by Springheel Jack)
I'm not feeling at all well today, after a meal of possibly dodgy shellfish on Sunday, but I've dragged myself out of bed to do a very quick post. The overnight action is bullish, and suggests a run to test the Feb 2404 highs on NQ and through the Feb highs to 1342 on ES. What happens at those resistance levels should define the next few days. Looking at the ES 60min chart resistance at 1342 is significant, and a break up would open up a lot more upside. A failure there would suggest a retest of 1319, and if 1319 doesn't hold, then a potential move well below 1300. I'm leaning bullish but the potential for failure is definitely there:
On NQ the resistance from the last three days has broken overnight, and a move to resistance at the 2404 Feb high looks likely. NQ has formed a bull flag, and if resistance at the Feb high is broken then a move to 2450 looks likely:
Copper made a nice looking low with positive divergence on the 60min yesterday and more upside looks likely. That's supportive of equities today:
The Gap Guy says that fading up gaps are higher risk today, so if we see a large gap up it may just run.
