Small Cap H&S Intact

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If we were going to assign different books of the Bible to Slope’s own history (I almost typed the word Prophet, but that was before………..) the current one would be Exodus. Besides myself, I can think of only two people on this entire site who remain steadfast believers that the market will be lower later this year. The others, I’m sure, consider us foolhardy (or, as one chap put it, uni-directional). That may well be. The ONLY red on my quote screen now is the small caps (that is to say, the IWM) which I’ve pictured here:

That horizontal line is that last thin reed of hope for any downturn. If it sustains – – and, if we can put on our science fiction hat, we can go on to say if it breaks the lower horizontal – – then we’ll have a lovely head & shoulders reversal pattern on our hands.

The same pattern, for obvious reasons, is exhibited by the /RTY futures:

Let’s just say that your long-suffering narrator is hoping that the book of Exodus will be thrown into the pit of fire and be replaced by a different book………..Revelations. If it is, I can offer assurances that all the self-proclaimed bulls will pretend none of this ever happened. On that you have my word.