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Oh, sure, it’s kind of a bummer to see the entirety of the post-Moody’s collapse totally reverse within the first trading hour of the day. As a leader in the world of financial charting, I get to name new patterns, and I shall dub this one the Kimberly Guilfoyle Reversal.
The big corporate news yesterday was that Dicks Sporting Goods was taking over Foot Locker, which caused DKS to plunge and FL to soar. I find gaps fascinating, and it’s striking to me that, in the midst of this takeover news, FL acted perfectly from a charting perspective and instantly sealed up its price gap from last year! Of course, this entire post is probably offered just to give me the opportunity to use that title.
After the big tumble PLTR took earlier this week, it should be noted that today’s rally is pushing it very close to the price gap, which might spell a bearish opportunity for those who dare to defy the hair.
Below are three major cash indexes which have sealed, or very close to sealed, major price gaps. In addition to this, they are very close to major Fibonacci Retracement Levels. All of which is to say, if there is a merciful God above, this ridiculous counter-trend rally should be at an end.
