The past few hours of the ES……….
Slope of Hope Blog Posts
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Retail Ready to Turn Down
I Don’t Like Mondays
There’s an interesting setup on the SPX 15min coming into this week, with the possible H&S patterns that I was proposing last Tuesday morning still forming on all of SPX, NDX and RUT, but with a possible alternate falling wedge forming on SPX. Either way the obvious next move would be a test of the H&S neckline / possible falling wedge support in the 2166/7 area. At that point we should either see a fill of the open breakaway gap into 2164.25, or a reversal back up to retest 2193 to make a likely second high of a double top.
All charts from the charts I did at the weekend for the Trader’s Chart Service at theartofchart.net. Further notes on the charts as usual.
SPX 15min chart:
Dixie Cup
Well, it’s just one day, but I’ll take it. Crude is down about 2.25% as I am typing this, and as I dedicated the entirety of my own weekend posts to energy shorts, it’s fitting. As for it being only the 2nd day in a string of 14, well, a thirsty man in a desert isn’t going to argue the fact that his cool water is in a Dixie cup. He drinks it gladly.
Art Imitates Art
Quite a few years ago, here in the San Francisco Bay Area, there was a news story in which a woman was heading back to Oakland (one of the three larger cities here) from somewhere else in the United States. As the story is told, an announcement came over the airport loudspeaker stating that the flight to “Auckland” (that is, in New Zealand) was boarding at such-and-so a gate, and, misunderstanding the city’s name, she got on board that aircraft and took a much longer flight than expected. (Perhaps that is why, these days, the airline crew is emphatic about WHERE that particular aircraft is going…….)
Anyway, the article also mentioned that someone had already bought the rights to the story in case they wanted to do a movie about it. I was quite puzzled at this, because I wondered to myself: how is this any more interesting than a two-minute story one might share at a cocktail party and have a couple of laughs about? You can’t make a MOVIE out of this little anecdote, can you?
