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Yesterday, I announced the new SlopeCharts feature called Candle Hunter. I wanted to let you know of a small but important enhancement we’ve made (and, as I suggested yesterday, there are many candle features to come, assuming people like this stuff).
As it is now, you will see all the instances of any given pattern(s) you are “hunting”:
Here are a couple of short ideas that I don’t think I’ve shared before. The first is Banco Frances, which operates banks in that most stable of countries, Argentina. The failure of the long-term trendline caught my attention.
The quarter ends today (at least as far as equities go). As of this writing, it’s a fairly red screen. Looking at the ES below, we can see the first Rally For No Good Reason (RED arrow) took place after the Fed announced an interest rate increase and signaled they would no longer being “accommodative”. With an entire planet choking out debt, Lord knows the best thing for it is to keep cranking up rates, thus, the rally.
Anyway, that completely to pieces and found support at 2900. And then yesterday, there was even larger Rally For Not Good Reason (GREEN) arrow, and I can’t even think of what would have caused this. Tearful testimony about events from 1982 surely couldn’t have been this inspiring to equity bulls (actually, given their mental issues, perhaps it was). That, too, has fallen to pieces, and we yet again fond support at 2900. What I’m hinting at here is that 2900 is important.