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Thanks to SocialTrade Mobile, I saw a user (BearishBull) had posted a wonderful trade idea that had not occurred to me: specifically, shorting Eaton Vance based on its terrific diamond topping pattern. (Oh, and I’ll ask just one more time – – – those using it, please put a review up! It’ll only take a minute, and I’d really appreciate it! Just click the hyperlink earlier in this paragraph, and it’ll whisk you right there.)
I wasn’t expecting to see the falling megaphone on SPX and the falling channel on ES break up without a budget and debt limit deal being agreed but hey, here we are. The falling megaphone on SPX has a target back at the highs, so the bulls have the pattern advantage for the moment and we shall see what they will do with that. There is an opportunity here to form an IHS in this area and we could well see a retracement to make the right shoulder on that pattern today. That could well fit with a retest of broken falling megaphone support. SPX 60min 1Mo: (more…)
