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.
As much flak as I’ve taken about Fibonacci studies, it only eggs me on to show them more.
I’ve been quite hung up on crude oil for months now, and it dawned on me this afternoon to try dropping a retracement pattern on top of it. Sure enough, it opened my eyes up to some pretty important support and resistance levels. As you can see below, the lowest we got this week was nailed by one level (see yellow tint), and I’m looking/praying for firm resistance at the cyan tint. Should we sink on Wednesday, I’ll be watching the green tint just above $42 as the next target.
On a day like this, when bulls the world over are give each other circle jerks and slaps on the back (hopefully not in that order, since hygiene is paramount), you would expect Tim Knight, the Sangre de Cristo of bears, to be weeping from the cross. Well, things have sucked out loud since that ridiculous Brexit fiasco (e.g. 1 1/4 days of selling, only to be aborted by the CBs worldwide). Indeed, I feel like the bears (correction, bear………that would be me, now castigated even by his own readers) is in a Kobayashi Maru market:
SPX pushed through the big resistance levels I was looking at yesterday at the open and has made a new high at 2153.62 so far today. If the bears have a shot today, and that’s a real maybe, then the best scenario has the very well formed rising wedge on ES shown on the first chart below, having overthrown wedge resistance this morning, returning to test wedge support, currently in the 2118 area but rising rapidly of course.
As I haven’t recently reposted here the bonus charts that I post for subscribers at theartofchart.net before the RTH open every morning I’m posting them all today. The usual ones are ES, NQ, TF, DX, CL, GC & ZB and I’m trialling NG as a possible addition. If you want to see these every morning you would need to subscribe to either the Daily Video Service or the Chart Chat Service at theartofchart.net. ES Sep 60min chart:
Just a quick comment cleaner to note that silver, while having had a terrific 30% rise in just over a month’s time, is due for a breather. I think precious metals have a terrific future ahead, but I certainly wouldn’t be buying any at these levels. A selloff down to about $18 seems completely plausible and would do a nice job filling that gap.