Slope of Hope Blog Posts
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My last tweet of the week on the theartofchart.net member twitter feed on Friday was a comment that the close was modestly bearish, but with a risk of a breakaway gap up at the RTH open today, and here it is.
Today is all about a test of strong resistance at the retest of broken rising channel support and the daily middle band at 2089. This is a daily closing basis test, so we could see a break above intraday, but any intraday move over 2095-2100 SPX would suggest a likely break up.
If SPX fails here then fills the opening gap then we should see a retracement low under 2050. If SPX breaks resistance then the current swing high at 2120 should be retested, and may well break into a test of the all time high at 2134. SPX daily chart:
Early in the weekend, I was asking myself how I was going to handle positioning before the big Brexit vote on Thursday. Well……..umm…….problem solved! It’s quite evident that the assassination of Jo Cox took care of the problem the ruling class in Britain was having with this whole “Brexit” nonsense, and, as with all things, we’ve glorious returned to the status quo.
As such, the ES has undone five days of losses with a monster lift-off: