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As Friday’s trading action is coming to a close in a couple of hours before the Labour Day weekend, an interesting observation to note is this daily chart of the SPX.
Since the beginning of August, gaps on the open in both directions have pretty much occurred on a daily basis (blue box). When the same thing happened in the last quarter of 2018 (blue box), we saw a rapid plunge in the space of a few days.
(more…)Originally published on Sat Aug 24 for members of ElliottWaveTrader.net: Personally, I love trading metals and have been doing so for quite some time. In fact, the best trade of my entire career was in silver many years ago.
But, the one thing that we commonly see in the complex is that when the market strikes a top, it most often spikes into and then strongly reverses at that top as a culmination signal. Thus far, I have not seen that in the metals.
(more…)Two weeks ago I suggested American Outdoors (AOBC) as a short. Looks like a winner! I’ve tightened my stop up to 6.95 and am sitting tight. Another victory for SlopeCharts.
Just a quick recap to acknowledge the obvious: the entire month of August 2019 has been a range-bound circus, and as of this writing, we’re mashed to the tippy-top of it.
