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A decent rally yesterday that took SPX back into a retest of the 50 hour MA as resistance. That’s currently at 2349/50 and supported by the daily middle band at 2352 and the 50dma at 2354. The current SPX low is at a possible triangle support trendline and if that resistance zone can be broken then declining resistance from the high and possible triangle resistance is currently in the 2372-4 area.
SPX 60min chart:
I’ve mentioned KATE as a short many times (including this post, whose date is arrowed below). As Kate’s brother-in-law David Spade might say……….”Buh-bye”.
It’s tax day today, the day you should reflect upon the fact that all the taxes you pay over the course of your entire lifetime probably won’t even cover the cost of one of those missiles launched into Syria a week ago. I finished my own taxes – – both for my family and my various businesses – – two months ago, since I like to do that sort of thing when I’m really bored.
Since there’s no midnight trip to the post office in store for me, I can focus on charts and trading. As I type this in the pre-dog-walk darkness, things look pretty good, considering I’m short both gold (and miners) as well as equities, and everything is red. That’s unusual, since gold has typically been strong whenever equities have been weak, and vice versa, but they’re all lining up with the right color as of now.
