Slope of Hope Blog Posts
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Out of Sync (by Springheel Jack)
The New York based markets are reopening today though a lot of the workers there might be struggling to get to work. Nonetheless the view that they will reopen today seems to be firm so this should be the first full trading day this week.
While the main markets have been down the futures and equity markets have been getting out of sync, and in particular the declining channels on NDX and NQ are now very out of sync, which is going to make it harder to judge whether the current retracement has ended. I was saying last week that the channel resistance trendline on NDX would intersect the broken support trendline from the June low at the end of Wednesday this week at 2705-10, and that will no longer be the case I think. I'll review this chart after the open to see how that looks:
