Is it Miller Time yet? I’ve been going since 4 a.m. and have had enough! Ah, well. The show must go on! I’ll just jump in here for a moment and say that commodities, which has been an important weight dragging the market down, seems to be pretty badly battered. I wouldn’t mind seeing a bounce here to make things more shortable.
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The end of May finds the bears fat and happy… and also near a dangerous turning point. (Editor’s note: Fat? OK, OK, I could lose a few. – Tim)
Multiple areas of confluence lie ahead to slow, or possibly turnaround the more than 200-point drop in the e-mini S&P 500 futures we’ve seen (and for some enjoyed) since the new all-time high put in to begin this month.
They look like this (as always, click for a ginormous version):
We will most likely (if not already have by the time Tim posts this) hit a daily chart untested demand zone. Price action from March 8th and 11th created this zone between 2753.75 on the top, and 2726.50 on the bottom.
Price action made quite a few other untested demand zone lower during the bottoming phase of late December and January, so not all hope is lost for the bears in this case.
A 38.2% fibonacci retracement from the December low to the May high comes in just beneath the bottom of the demand zone, at 2715.05 (which we round down to 2715 because the /es trades in quarters)
Now we get into timing.
The May 1st top coincided with a 1.272% fibonacci time projection of how long it took the /es top drop from its prior all-time high this past September, to the December low.
We’ll hit a 1.618% time projection of that same drop next week on June 4th.
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Tim created just the tool to help you figure out your true trading numbers… and avoid the misery of guessing when to take profits or cut losses.
It’s called Slope Rules.
Myself, and other Diamond and Gold members here on Slope have already found and shared dozens of profitable trade set-ups with it.
So if you want to break free from the ranks of the 90% of traders who consistently lose money… join the ranks of us who know their numbers before entering a trade.
CLICK HERE to sign up for a Gold or Diamond level membership, and lock-in the current rate to access Slope Rules.
And put a smile on both your face and Tim’s. Good luck out there!
I believe it was Abraham Lincoln who said something like, “Better for people to think you are a fool and be silent rather than open your mouth and confirm their suspicions.” Something like that.
Well, I’m going to ignore Honest Abe and state something a few of you already know, which is that our SSL certificate expired. You want to get your heart rate pumping? Then wake up at 4 in the morning, find out your site is down, and know that it’s going to be many hours before the genius you hired to deal with this is going to wake up.(more…)
WARNING: if you’re a MAGA type, you should probably give this a miss.
I hardly ever use Fibonacci retracements on my charts, and Fibonacci arcs even less. For the crude oil continuous contract, however, I use both.(more…)