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.
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.
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.
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!
This post is just about this single chart, which is the 15 minute bar chart for the /RTY (Russell 2000 small cap) futures:
Perhaps I’m making too much of it, but I’m impressed how well the Fibonacci has done in pounding the /RTY back down:
