On Tuesday, I wrote this post, which declared that the ES uptrend was broken. Now I want to say two things very clearly at the outset. First off, the last couple of months have been very hard on me, and earlier this week in particular was devastatingly hard from an emotional standpoint (Northy and I were holding onto each other for dear life at times). So I confess I was reaching a bit to look for any “good news” for the bears, which was a motivation behind the post (although I absolutely was sincere about the trendline break).
Second, the comments I’m going to share below are in no way meant to disrespect or “call out” the folks replying, because they were said respectfully (and God knows I’ve been wrong more often than right in my lifetime). At the time, they did sting a bit, because – – let’s face it – – charting is my life, and if my interpretation of trendlines isn’t valid (or if trendlines themselves are pointless), well, I might as well go work in Home Depot.
Anyway, when I did the post, a couple of comments were…….
…………and………
But I think what we’ve seen transpire helps support the notion I was offering, which was that……….the broken trendline does matter, and after about thirty years of being a chartist, I’m pretty good at spotting them.
