Slope of Hope Blog Posts

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No Free Lunches (by Springheel Jack)

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The very nice looking topping setup on SPX that I was looking at yesterday morning is developing nicely. I mentioned yesterday morning that if we saw a break back over the 50 HMA on ES then I'd be looking for a test of the highs and a possible double-top reversal and that's coming along very well at the moment. Is it a sure thing? No, there is truly no such thing as a free lunch for traders, but the setup is nice and the odds historically are strongly in favor of seeing the first decent retracement of the year here. Here's the double-top setup on the ES 60min, with a target in the 1470 area on a clear break below 1490:

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