Yesterday’s trading on SPX was ambiguous about whether a top had already been made, particularly at the close. The SPX rising wedge had obviously broken down and I gave the options of a retest of the highs or an H&S to form in yesterday’s post. What we saw was the H&S option form and at the close yesterday that was looking pretty good. ES broke up overnight but at the time of writing has given back most of the overnight gains, and if SPX can open under 1750 then that H&S will still be looking pretty good. If SPX breaks up I’ll be looking first for a retest of the highs and on a break above that I’d be looking for a short term top in the 1765-75 range. SPX 60min chart: (more…)
Slope of Hope Blog Posts
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