Slope of Hope Blog Posts
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For a change, I’m actually looking forward to the weekend. It’ll be nice to wake up and not worry about the ES is doing. All the same, the market will return on Monday, so we might as well eyeball a few charts. I’ve decided to look at intraday charts this time, and in simple line style, to get a different perspective.
Interest rates have been strong most of July, but so far, this could just be another “lower high” in a pattern that has been in place for many, many years.
Here’s your swing-trading watch-list:
Long Allscripts (MDRX)
Bulls had an ok day yesterday, but they’re looking tired here, and this morning has seen the rising wedge trendlines break on both ES and SPX. There is a small double top on SPX targeting 2149 on a break below 2159, and I’m looking for a larger topping pattern to form, so I’m going to be watching the possible H&S neckline in the 2146 area. SPX 60min chart: