I noticed something kind of interesting about the /NQ futures. It seems that, for many weeks now, it plays this little game where it breaks out above what appears to be resistance, sucks people in, and then curb-stomps them.
Fake then Break
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.
Another Major Fib
Given the fact that, in the spite of only a few trading hours, the Dow has vaulted nearly 2,000 points higher, I wanted to share the long-term chart below. This is the continuous contract of the /YM (the Dow Industrial futures), anchored to the financial crisis low and the lifetime high, which is a range of over 30,000 points.
A Girth Issue
There is a small improvement in the Volume Profile technical indicator I wanted to mention, and it is the ability to adjust the Bar Width:
Holding The SPX 200 Week MA
As of last weekend our Follow The Leader service at theartofchart.net was up 159% year to date with 90% winners so far. This is an autotrading service in partnership with GFF Brokers, official broker for the World Cup Advisor Auto Trade programs. This is included in our Daily Video Service and if you’re interested in that you can find out more about that here, and you can try a 30 day free trial at theartofchart.net here.
I was looking at the possibility on Friday of a decent rally from strong support in the 3600 SPX area, and that rally may well have started. On the SPX daily chart both RSI 14 and RSI 5 buy signals have fixed yesterday and there is a clear bottoming pattern here that could take SPX back up into the 3885 area on a sustained break back up over 3736.
(more…)Thus, the Target
It’s well before the opening bell on Tuesday, and I see the bulls are still screeching down the field, football firmly in hand, and it’s solid green on the screen. I offer below the snippet from my Super Tough But Irrelevant post (premium members) that I wrote two weekends ago:
