Thanks to you-know-who, I was awakened at 4 this morning instead of my usual automatic 5:20 circadian rhythm awakening, which completely threw off my sleep schedule. Thus, I woke up at 7:16, which might as well be 2 p.m. considering how I like to run my day. In any case, here I am, and Slope is still humming along.
Besides the wake-up paw-in-my-face, what was also not appreciated was this:
The chart represents the /NQ finally pushing above some minor resistance I’ve been tracking. It isn’t that huge a deal, but the next barrier is vastly more important, which I’ve highlighted with a bright red rounded rectangle. We aren’t that far away, and here’s hoping that, as before, it loses steam before crossing that level.
If it does cross that level, a lot of pent-up energy could be released. The only friend the bears have on the /NQ at that point is the cluster of trading activity between those two lines, the upper one of which is the lifetime high.
It is also a bit alarming that SPY is at lifetime highs right now and the chart of the ETF shows that prices have, as of today, pushed past important resistance. This is a crucial week (Wednesday and Thursday in particular), so this is a massively important price juncture.
My short in XME is helping to take some of the pain away, as is my short on IWM, which is my largest. The small caps have been surprisingly weak lately, and although the drop right now is modest, hell, if it’s red, I’ll take it.
As things stand now, my portfolio is just over 100% committed. I do not want to get too aggressive ahead of the tidal wave of news coming over the next 72 hours. Generally speaking, though, it’s a fairly stable (albeit late) morning.
