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What a bizarre day. It looked like, in the early going, it was going to be Bear Revenge day for the travesty of Monday and Tuesday. In short order, the bulls came absolutely roaring back. I will point out, with no small degree of interest, that the /ES got almost precisely to the major Fib and then slipped.
Given the fact that, in the spite of only a few trading hours, the Dow has vaulted nearly 2,000 points higher, I wanted to share the long-term chart below. This is the continuous contract of the /YM (the Dow Industrial futures), anchored to the financial crisis low and the lifetime high, which is a range of over 30,000 points.
We’ve added two improvements to SlopeCharts at the requests of our beloved users. First off, for Fibonacci retracements, you’ll now find this handy little checkbox:
I’d like to point out that the Dow Industrials fund DIA is right at its major Fibonacci retracement level. It’s also challenging the lows of the year. Come on – BREAK it! You know you want to!
While the most exciting moments of stock action can be observed on Hourly and Daily charts, it is always good practice to maintain awareness of longer term technical levels. Here I am laying out a few exciting signs but some potential warning signs that I am seeing, hazardous to bears and bulls alike.
