I can hardly believe it, but the wedge is finally broken. Thank the Lawd!
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Hate Mail Wins Again
You’re welcome. Joe! And I hope you bought a ton of Twitter.
All Fall Down
I was talking yesterday morning about the fragility of the uptrend and mentioned that the support trendline on RUT broke yesterday at the RTH open. The SPX rising support then broke as well but ES rising support held yesterday. Overnight though that has failed as well and all of ES, NQ and TF have now broken down from clear topping patterns. I’ve given those prices on the charts below and I’m expecting all of those pattern targets to be reached, though not necessarily today.
I’m posting all of the bonus charts that I posted for subscribers at theartofchart.net this morning. These are the ones that I posted every trading day there and they are ES, NQ, TF, DX, CL, GC and ZB, with additional charts for NG and SB posted on Monday mornings. If this service is of possible interest I’d suggest that you compare today’s charts with the ones I posted last Friday and you can find those here. I suspect that you’ll be impressed. If you aren’t impressed then you should be. If you want to see these every morning these are bundled in the Daily Video service and you should sign up for that sooner rather than later, as the price for that will be rising sharply at the end of June, and that price increase will not be applied to anyone who subscribes before then, as long as they maintain a continuous subscription. You can sign up for that here.
Thrust into the Wedge
Well, after actually having a decent day on Thursday, I was bracing myself this morning when, at 4:44 a.m. (my daily wakeup time; thanks, Coda) I grabbed my iPad to see how my mood watch was doing. Red or green? The answer: red, and quite so! Wow! If this actually sticks, it will be the first set of back-to-back down days since the signing of the Magna Carta.
It was just in last night’s video that I was touting the importance of breaking through the various support levels in crude oil. Well, goal was one already accomplished! We’re beneath the red horizontal, and as I type this we’re rammed against the bottom of the wedge. Let’s see if we can manage to break that sucker. If so, it opens us up to the mid-40s.
