My only long, gold, has shrugged off the Euro's bizarre behavior this morning. Indeed, in the face of an aggressive EUR/USD selloff, gold has held fast. I'm projecting a move to about 158, at least.
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What a Bargain!
It's reached the point where if I dare even say that this market is overpriced, I am admonished by some Slopers as to all the great breakout patterns that exist out there, and what a fantastic market this is to buy.
OK, well, you can buy it with your own money. I think the market is more overvalued than 2007, and buying into a chart like this makes as much sense as………oh, I dunno……….having the First Lady of the United States be the featured presenter as the freakin' Academy Awards show. Bread and circuses, people. Bread and circuses.
Last Move Up (by Springheel Jack)
As I suspected on Friday morning, ES broke above 1510/1 resistance and is heading back for a retest of the highs. My primary scenario has the second high of a double-top forming there and as there were clear 60min RSI divergence signals at the last high and low on ES, I'll be looking for that near the retest of the highs. The ES 60min RSI is already back to overbought so a signal may well form. I have trendline support from the low in the 1511.5 area and we may well see a decent retracement before the highs are retested: