If, for the first time in human history, JBTFD fails the bulls today, we could be in for a very interesting week ahead. Breaking 1259.75, where the arrow is pointing, would, I think, be the final nail in the coffin for this pattern (I am not suggesting this could happen today, but perhaps early next week). We shall see.
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.
Short Setups for Swing Trading (by Ryan Mallory)
Below I've put together three charts that had been on a nice upward trend that is finally showing some weakening and a desire to shift directions and move much lower. Granted, we'll need to see some market weakness in the days and weeks ahead, because at the current rate, it's hard for anything to trade lower.
So here they are…
SHORT: Consolidated Graphics (CGX)
He’s Got My Vote
Hammer Time (by Springheel Jack)
Multiple daily hammer candlesticks on the indices yesterday, a sign of weakness and hesitation. The support trendlines on SPX and ES now also showing signs of wear and I think the topping process has started for the current wave up. That doesn't preclude new highs, but the writing is now on the wall for this move up in my view. On ES there was a definite break of channel support at the low yesterday and as I've said before, it is often the second break that is the decisive one. ES channel support is at 1286.5 this morning:
