Today probably marked the low for a bit……….those Fibonaccis are potent:
Strong Tesla Support
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All Most Done
I’ll start off with a simple fact: on an intraday basis, today was the highest price level in the history of the Milky Way Galaxy on almost every major index. Also, today my entire portfolio was 25 short positions, and of those, 19 closed down and 6 closed up. Added to which, some of the downs were much meatier than the ups, the largest of which was 1.59% (versus -6.05% for the biggest down). The point I am trying to make is that carefully-selected charts can sometimes defy the market.
What the Held?
During Friday’s drop (which the media is characterizing as some kind of historic plunge, even though it was like 1.25%), the levels at which the equity futures slammed on the brakes was quite interesting to me.
For the /ES, I drew a line months ago anchored to the prior lifetime high (red arrow). On Friday, at the worst part of the drawdown, the /ES nailed this line almost to the penny and reversed higher (green arrow). It has pretty much undone Friday’s drop already.
Taste the Rainbow
Here is the updated Fibonacci range chart of the /NQ futures, with the spurious hope that the recent peak was, well, the peak. What’s more important for me to point out is the price position beneath the clearly-broken ascending channel. There’s where we’re mashed up against right now.
Small Craps
Well, finally. Finally, finally, finally the /RTY actually falls for the day. And yet – – once again – – we are at the Fibonacci!! This sucker has been playing jump-rope for what feels like years at this point. Make up your mind! Even better, make up your mind to go DOWN and STAY down! Good grief!
