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In my last post I was talking about the touch of the rising wedge support trendline that I’d been looking for, and the bull flag that was forming on SPX, that should break up today if not seen on Friday. SPX gapped up through flag resistance at the open today, and the minimum flag target is a retest of the all time high, not seen today but likely coming soon. On the video I was talking about a backtest, which we are watching now, and the ideal target for that would be a backtest of broken flag resistance, currently in the 2922 SPX area. The next possible target below would be a gapfill into Friday’s close at 2913.98.
Slowly, slowly, the wheel turns……….and I’m very pleased to see bonds still in tip-top shape. I’ve removed the price bars (shortcut for SlopeCharts users: Ctrl-P) so you can see the drawn objects and moving averages plainly and simply.
The saga of Tesla from Thursday afternoon to Saturday morning is truly one for the books. The consensus seems to be that Elon got off with a slap on the wrist (although let’s not forget the mountain of civil lawsuits awaiting him), but the simple fact is that the crushing Tesla took on Friday has vanished now that this uncertainty has been removed by the SEC’s forgiveness: