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All of the ill-gotten gains achieved by siphoning off hundreds of billions of dollars from taxpayers thanks to the Covid “threat” have now vanished. All the same, I’m sure senior management dumped their stock at top dollar onto the hapless public, so don’t worry about them. They’re just fine.
Be sure to join everyone over at SlopeTalk as we hang out and watch the FOMC do its thing, particularly during the Powell Press Conference. Where it’s at. I got two turntables and a microphone.
So far, the reversal at strong resistance at the monthly middle band and the main support/resistance trendline from the 2009 low is proceeding as expected. Monday was bullish as expected, there are high quality double tops formed on SPX/ES, NDX/NQ and INDU/YM. Yesterday there was a decent rejection from Monday’s highs and today, leaning 61.9% bearish, would be a good opportunity to confirm yesterday’s slight closing break below the SPX daily middle band.
The next two weeks lean bearish, with strongly bearish leaning days today, Thursday 11th May, Wednesday & Thursday 17th & 18th May before we see the next strongly bullish leaning day on Thursday 25th May. This is a good time for SPX to turn down and do some significant damage to the downside. The key to the day in my view is whether the weekly and monthly pivots, both currently at 4130 can be converted to resistance today. If we see that and the daily middle band breaks with any confidence, then the path to the downside will be open.
(more…)Well, this just makes my morning, and I’ve been up and about for all of two minutes. This is crude oil, and if you look very closely, you can spot a trend.
