Well, that was yet another ridiculous trading day for the books. We started off deeply in the red, rallied mightily for no logical reason, hung out in a tight range for most of the day, and then finally wound up modestly down. Sheesh. This is getting old. Where are the crashes of yesteryear? In any event, the Ichthus pattern is still the one to watch, with a failure of the horizontal a harbinger of good times to come – – – if it would just actually happen.
Satan herself doesn’t speak until Wednesday, so we’ll have to content ourself with the Greek tragicomedy until then. The “midline watch” I mentioned pre-market was absolutely spot-on, because check out where we found support. It nailed the trendline to the penny. Again: we need to break the cursed thing.
Amidst all this complaining, I will leave you today with one actual trading idea: that is, to short Teradata, which broke beneath a gargantuan topping pattern today.