Slope of Hope Blog Posts

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V Profile Day

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I’m not feeling well today so I might go back to bed after I post this.

The cycle trend day yesterday delivered the goods, and after the bears failed to manage a gap down yesterday morning, that was a strong bounce off the rising wedge support that was tested at the close on Friday.

Today is the other and less common type of day that Stan calls at the start of the week and this is a V profile day. There are 70% odds that the market will make a decent move in one direction this morning, and then reverse that move mostly or entirely this afternoon. The V can go either way with AM weakness followed by PM strength or vice-versa. Not seeing much sign of that first move so far today. If we don’t see a decent directional move in the morning then there can obviously be no V.