There are a couple of south-of-the-border ETFs that looked poised for more weakness. One of them is EWW, which is Mexico:
Looking South
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Friday Fizzle
Small caps continue to be the weakest of the bunch. As I’m typing this, about half an hour before the open, it’s down over 1% while the ES is down 2/3rds of a percent and the NQ is down just half a percent.
What’s on the Menu?
I was pretty much “charted out” for the day, so – – what to do? – – I decided to monkey around with the menus. I’d urge you to take a look, since I think the arrangement is more clear and useful.
I’d also like to point out a new page, Chart Essentials, which is worth a peek.
Quarterly Burnings
I didn’t realize this until after the close (since I’m so caught up in other stuff during the trading day), but INTC – – once again!!! – – screwed up and released earnings before the closing bell. (How many times does this make it??) The stock popped huge based on the report, only to have those gains vanish after hours. Strange.
Hitting Wedge Resistance
I was saying in my last post on Friday afternoon that the low made that day looked nice, with touches of the daily middle band and shorter term (from Nov low) rising wedge support on SPX. I was leaning towards seeing a retest of the all time high, which we have seen and more.
Now the rising wedge support touch on Friday was confirmation that the obvious rising wedge resistance trendline was the obvious target on a break up to a higher high with any confidence, and that was tested in the last hour yesterday, and then retested at the high this morning. That second retest held the resistance trendline again and SPX reversed on a high quality 15min RSI 14 sell signal:
(more…)