I’ve got June 2018 puts on XLP (Consumer Staples), so I follow it closely. After a hard break of its trendline, it’s recovered back to the now-broken line.
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A strong start to the week, and we’re likely to see at least some more upside, as the double bottom on RUT/TF that I was looking at on Friday has broken up with a target at a retest of the all time highs. I’m expecting that target to be hit. NQ is testing the trendline resistance I gave last week, and may break up to a higher one. ES is close to the 2700 test and on a break above I have a resistance trendline in the 2711 area. Intraday Video – Update on ES, NQ and TF:
For the insane among us, there’s still a pattern that looks bearish in this all-green market: take note of the similarity between the current topping pattern and the prior one:
Long Autodesk (ADSK)
In the spirit of “everything is going up anyway”, let’s take a look at General Electric, which is one of the few stocks which has actually had a rotten 2017. Take a look at the indicators basing and turning higher as the price collapse seems to have put the brakes on.