Slope of Hope Blog Posts
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Looking at the bigger picture, I'm watching the EUR/USD on this Monthly chart to see in which direction it breaks, once again, outside the rough "diamond" formation. At the moment, price is trading just below the dividing apex line. The high and low of the current month represent near-term resistance and support (1.3355 and 1.3003, respectively).
I present to you: the ultra-short fund on the NASDAQ 100. It's a sight to behold.
Since Tim loves EWT and can't go 24hrs without poking the bear, I thought I would post the EWT chart for the next couple of days.
SPY 60-Min Chart
I will repost this chart in a couple of days to show the POWER of EWT … odds are Tim will refuse to post it due to the public embarassment it will cause him (LOL). (Editor's Note – not so! If you or anyone else out there can make good predictive use of this technique, I'm all ears! – Tim)
Cheers … Leaf_West
I had mixed feelings about the action yesterday and overnight from a directional perspective. On the bull side the early low and grind up yesterday was a classic strong uptrend day and NDX recovered from the gap down to make a new high. On the bear side ES delivered a lower low, the down gap on SPX didn't fill yesterday, and we saw a perfect test of broken ES rising support overnight without a higher high there as yet. Overall I'm cautiously bearish today as long as we don't see a new high on SPX.