NASDAQ Gap Holding
Slope of Hope Blog Posts
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Going for the Gaps
My enthusiasm for this market remains tepid, but the trio of charts below are worth sharing. I purchased puts on ANF (August $40) and BURL (September $250) just now, taking advantage of the gap closure. I was thinking of puts on SIVB, but the spreads are too horrible, even for me.
The Gaps Matter
After my epic previous post, I figured I was done for the day, but nope, let’s do one last quickie. Below are six major U.S. stock market indexes. I merely share this to illustrate the importance, and the consistency, of the price gap that was defined last weekend. I have anchored each recent horizontal to the same gap. Let’s just agree that it would help the bears an awful lot if we managed to stay below these gaps.
The Sturdy TSLA Gap
Regarding Tesla: on the bearish side, the long-term broken trendline and trio of lower highs is in our favor. On the bullish side, the price gap formed between March 25 and 28 has provided rock-solid support yesterday and today. Break 1021,80, and it’s bombs away. I remain short @ $1140.85.
Coward of the County
I think it’s reasonable to posit that volatility has made an important bottom. I’ll add to that – – I hope to God it has! We have utterly unwound terror at this point.
