…….for giving Hell its newest resident.
Slope of Hope Blog Posts
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Back in February we published a context model shortly after ES made new highs. The good Dr. Knight kept playing the Chocolate Rain video and sure enough, the market tanked shortly thereafter. Let's see if we can get this to work again.
It's time to dust this puppy off and see where we are. The break above prior ES highs at 1343 makes us wonder just how far the S&Ps can go with QE2 and the debt ceiling. Back then, we declared ES 1310s as our line in the sand, which was crossed and broken several times before hitting new highs. Believe it or not, they shall remain our LIS. A break below 1326s can serve as a potential early warning signal. Upside targets remain in the 1445-1450 zone.
ES Context Model Circa February 18, 2011
Originally published on www.tradeflight.com
We keep an eye on ES, but our primary trading vehicle continues to be volatile, liquid, light, sweet crude. As an aside for those interested, we are planning an upcoming gratis educational series on how to trade CL by asking only 4 key questions each day. The questions, and the answers, may surprise you – they are a combo of herd psychology and price levels deemed important by professional money. All those interested, say ay.