Readers of Slope and viewers of my show on Tastytrade know I have two obsessions these days: (a) the horizontal support on the $COMP (which is almost guaranteed to be shattered at the opening bell) and (b) the midline on the ascending ES channel.
It was really cool to see the ES crash more than 40 points early on, but it’s no surprise we’ve shaved off a quarter of those losses already (six years of BTFD is still in place, folks). It’s interesting to know where all the action is, though – – in the lower half of the channel. I have NO CLUE where things will be in the morning, but at this moment, the chart makes abundant “sense” considering price action relative to the midline.
O my God, I trust in thee: let me not be ashamed, let not my enemies triumph over me
