Pardon me for referring my older posts to bring home the points because mostly we read selectively and remember what confirms our belief. This is called “Confirmation Bias”. Yesterday I wrote: “Is the rally over? Somehow I do not think so. I think it still has few more days of fuel left and we may see the uptrend resumed tomorrow.” So we have had today. I wish all my calls would be always so correct!
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.
Further to my last weekly market update, here is a summary of where money flow ended for Week 1 of June 2012.
The Weekly charts below of YM, ES, NQ & TF show that they all closed higher than the prior week…the YM & NQ on slightly lower volumes, and the ES & TF on slightly higher volumes. They have reverted to last month's Volume Profile POC (yellow horizontal line), and are back inside their lower Bollinger Band. The YM & ES have closed back above trendline resistance, the NQ has remained in its uptrending channel, and the TF has closed just below price resistance. I'd like to see increasing volumes on any advance beyond their closing prices to confirm any potential sustainable rally up to, firstly, the middle Bollinger Band, and, ultimately, the upper Bollinger Band…otherwise, look for more volatile and deep intraday swings, and possibly a new low.