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Besides being a husband, father, blogger, and designer-of-new-things, I’m also a pretty decent cook. I do pretty much all the cooking at Chez Knight, and so I’m fairly acquainted with ingredients, food preparation, cooking techniques, and overall making happy eaters.
It’s therefore with special interest that I’ve been following Blue Apron, which went public last year to quite a bit of fanfare (and about which I’ve written a few times).
The ES and NQ are green as I’m typing this, but I’m still simply in “maintenance mode” on my positions, tightening up stops and looking for new opportunities. I have found seven more charts that are intriguing enough to short, and they are as follows, courtesy of my beloved SlopeCharts (which, as a reminder, is available to you free of charge):
Mornin’, everybody.
Hey, this is a first – – ZeroHedge featured a tweet of mine in an article of theirs this morning. It only took thirteen years, but voila, there it is.
Anyway, as has been the market’s habit lately, the three remaining bears on planet earth are getting the “beat back” applied, but I’m not especially worried. I think the larger trend is definitely in our favor, and we’re just going to have to muddle through days like this on a regular basis. As always, I let my stops manage themselves, one by one.
The shift from bullish to bearish since January 26th has been delightfully insidious. Today’s market action (that is, Monday the 2nd of April) created some more progress for the bears, although the breaks of February 9th lows were not across the board. Indeed, looking at some of the big indexes, you can see that we’re getting to the point of “challenging” those important lows, but not yet piercing them:
The following monthly chart of the S&P 500 Index (SPX) simply shows the monthly closes from its inception.
January’s (2018) close of 2823.81 nearly tagged its long-term 140% trend-based Fibonacci extension level of 2836.
As of 2:03 pm ET today (Monday), its price is currently below its 1.27% Fibonacci extension level of 2625.
Failure to recapture and hold 2625 could see price eventually decline further to 2220 (its 1% Fib extension level), or lower to around 2100, due to a lack of major price consolidation support below its current price until then. (more…)
