It’s as simple as this: 2331.75. Break that, and close below it, and the bulls are screwed.
Slope of Hope Blog Posts
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Well, today went really well. I closed up 2.2% on my entirely-short portfolio. More important, Slope Plus has been knocking it out of the park lately – – just about everything tumbling out of Plus has been working out great, with the minor blemish that I mentioned I’d be taking profits on NUGT this morning, which simply kept going higher. But, hey, it was still a good idea!
The ES is still nicely configured for weakness. It’s slowing going, but at least it’s south.
We saw the break down to a lower low as I was expecting in the premarket video yesterday, and found support and reversed there as I suspected might happen, as the potential rising channel on TF that I was looking at before the open was established. So where did that leave the indices at the end of the day?
RUT was the strongest and broke over resistance at the 50 hour MA and daily middle band into a high testing the 50dma. That break over the middle band needs a confirming close above it again today. SPX fell away from resistance at both 50 hour MA and daily middle band. NDX was the most bearish, falling away from 50 hour MA resistance and closing marginally below the daily middle band, which had been strong support Thursday through Monday. That break under the middle band needs a confirming close under it again today.
Good morning, everyone. As I am typing this, the market is down a little, and my shorts are doing fine, but I have no reason to suspect that the market won’t do what it did yesterday and just break the heart of the four remaining bears on the planet again. Get disappointed a few hundred times, and it can make one cynical.
So let’s turn our attention to another sadness, which is this notice that started appearing on the Investools website yesterday: