Slope of Hope Blog Posts

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Poised (by Springheel Jack)

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I was looking at Friday morning at the competing patterns on NDX. On the bull side there is a mostly formed IHS that would target new highs in the 2900 area on a break over 2700. This is the Santa Rally pattern if we are to see one. On the bear side there is a now mostly formed H&S that would target the the 2530 area on a clear break below 2625. That's still the case this morning, though the bear scenario has been strengthened considerably since by the strong rejection from the 2660 area on Friday. here's how that looks on the NDX 60min chart:

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