Not to get all Elliott-Wavey on you, but I’ve made a very slight change to my $SPX chart with respect to its Fibonacci retracement. Specifically, I’ve moved the lower extreme to the 1980 low instead of the 1982 low, which I should have done in the first place!
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SPX spiked to a new all time high yesterday and then rejected hard from that high, and the lower highs at the same time on NDX and RUT. Today is about the bears following through on that rejection and the key objective for bears on SPX is to close the day below the daily middle band, currently at 2471. If seen, that then needs to be confirmed with another close below tomorrow. SPX daily chart:
During these troubled times, there are many things that divide us – – religion – – gender – – politics – – but I think there’s one unifying belief on which we can all agree: this is the most awesomely-bad Star Wars rip-off of all time. Watch it………if you dare. Oh, and for my beloved PLUS members, here are six new short ideas for you.
The most plain-spoken talk about a military attack against U.S. interests in decades has the ES plunging……..let’s see……a third of a single percentage point as I am typing this (and I would note the highest point in human history was just yesterday). So, umm, yeah, not exactly panic.
I am at least relieved that I covered my GLD short late yesterday for a small profit. I had been long DUST and JDST, but during my tastytrade show I wondered out loud why I had doubled up on something so redundant – – which compelled me to sell DUST (at a tiny profit) after my show was done. So at the moment I am still long JDST only, which may well get stopped out if gold continues its strength (shown below) created by all this “end of the world” chatter.