It certainly was nice to get a down day for a change. I wanted to share three charts and a remark about each one. These are all short-term candlestick charts.
The first is the ES, which has been in a bullish uptrend since the (now laughable) Brexit event. Until and less it breaks beneath the level I’ve marked below, which is both the upper trendline of the pattern as well as the post-jobs report gap, the uptrend is intact. 2125 needs to be busted before the bears can really breathe any sigh of relief.
Gold, happily, recovered nicely on Thursday (and, just as happily, I took my profits in DUST on Wednesday when miners were getting beaten up). We need to stay above the green tint for things to stay safely bullish, and it needs to hack its way through that overhead supply between 1335 and 1375 before we can start doing the macarena again in celebration of the yellow metal’s ascent.
Finally, the best news of the day is that crude oil finally, finally broke its Fibonacci retracement level! I’ve been yammering on about this downtrend ever since it started June 9th, and the green tint marks what I consider our new “home on the range” now that we slipped beneath the latest retracement line.
