Slope of Hope Blog Posts

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Uncertain Breaks

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Many apologies for the very late post today. I’m not feeling that great & am mainly posting this to explain why I was so doubtful about yesterday’s break back over the daily middle band in my comments on twitter last night and this morning. Hopefully most of you saw those. If you didn’t, and you’d like to see them next time, my twitter ID is shjackcharts.

In summary the reason I was so doubtful was because although bulls had delivered the two main targets I’d been looking for on a bull break, namely a definite break back over the daily middle band at the close, and a break over declining resistance from the high, those breaks weren’t really supported by much else. Neither RUT nor NDX had even tested their daily middle bands and what troubled me most was the three perfect bearish patterns on SPX (megaphone), RUT (wedge) and NDX (wedge), that were all intact and none of which had even overthrown. One thing I really don’t expect to see on a bullish break up is three perfect bear flag patterns on these three indices that I follow closely. Obviously that was casting the bull break into serious doubt.