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I was looking at the likely reversal back up on Friday morning and obviously we have seen that. ES/SPX have since broken back strongly over the multiple resistance levels in the 2660-70 area, weekly and monthly pivots, daily middle band 5dma and 50 hour MA. So now what?
Well in the short term a retracement seems likely and in my premarket video this morning at theartofchart.net I was projecting an ideal path of a higher high (over 2799 ES Jun) setting up a possible 60min sell signal on ES. Ideally ES would then retrace back to the monthly pivot at 2765 ES (2760 SPX) before either breaking back down through that into lower lows, or (more likely) finding support and retesting the rally highs in what would probably be the second high of a double top setting up a larger retracement into the low 2600s.
I’m a happy Netflix subscriber (again, check out Synecdoche, recently released there) but I think the stock is comically overpriced. Looking at the PSAR indicator, it recently “flipped bearish” after a very successful PSAR bull run.
Hey there, folks. Two non-trade-ish things to talk about.
First, my sincere apologies, but I decided to ditch the “push notifications” product I was using (since it was garbage) and switch to something better. I was impressed at how many of you opted in to the notifications, and I seriously apologize to make you click again, but please do so. I think the experience of being “pushed” at will be better for everyone now. (It’ll basically give you a heads-up when there’s a new post).
It wasn’t but a few days ago that the “Aircraft Type” portion of a flight’s information would be overlooked by most travelers. I mean, who cares what the manufacturer and model number are, right? Well, now that the 737 MAX is all over the news, and is basically assumed to be a suicide mission if you get on board one, everyone’s making damned sure they aren’t getting on a MAX.