Slope of Hope Blog Posts
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My penchant for being short retail has saved my bacon on this Special Olympics-level rally today. Take, for example, Macy’s, whose collapse I think is only half-done………
Well, a full week is upon us, and we enter a period in which we don’t have any damned holidays to interrupt our trading until September rolls around.
Looking at the ES, the topping formation is still in the throes of completion. Simply stated, the steady series of lower lows and lower highs must not be violated, and the gentle downtrend illustrated with the red trendline needs to keep drifting toward that much longer-term blue supporting line and break it. If we can do that, it’s party time. The line in the sand at 2417.50 is still important, and I’ll breath easier if we can get to the lower side of it.