Limp Direction

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Greetings from a poolside in Orlando. I have just a few hours of my ostensible vacation left, and I’ll be composing a post about it for publication late today.

I’m having a not-at-all bad time in the markets. Yesterday I lost a very tiny bit of ground in the face of a hefty rally. Today, even with the ES green (and the NQ very green), my 63 shorts are serving me well, yielding firm gains in the face of perpetually moronic bullishness. I applaud my chart champs.

Looking at the ES, i can’t help but wonder if we’re witnessing a direction shift. Take note of the ascending channel which has been in place literally the entire year. Now take note of the descending red trendline I have drawn, anchored to the lifetime high of May 19th. The series of lower highs is intriguing.