Between the Fibonacci (on the /ES) and this gap fill (on the DIA), the support was clear.
Beautiful Gap Fill
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About That Price Gap…..
The price gap on the SPY (and $SPX, obviously) offered little in the way of support. We’ve sliced right through it. This opens up the opportunity for September to be not just good for the bears, but great.
Tan Lines
If – – – I say again, if – – the market slips lower in the near future, it will be a pitch-perfect reversal away from the insane strength we saw from August 5th through Powell Pivot Day. The lines I’ve highlighted below, with to-the-penny values, make plain the gap levels which, gosh, I’d love the market gods to respect.
The Gaps’ Last Stand
The bears are just about done. It’s quite clear that the selling we saw earlier this month (which lasted all of two trading days – – August 1st and 2nd) is a freak occurrence, and 95% of the time, the market will simply get more overvalued. The LAST opportunity – – and I do mean the last – – for the bears to have any hope is if these gaps hold. If they don’t………..I guess it’s off to Dow 100,000.
Silver’s Surge Stop
In recent weeks, I’ve presented many charts to illustrate why I am bullish on precious metals. Silver in particular has had a great couple of weeks, but I’d like you to take note of that dashed line.
