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First off, the strength in the /ES has been a huge pitcher of ice water into the face of the bears. It has exploded hundreds of points in just a few trading sessions, and we are getting very close to breaking out to lifetime highs for the first time in months.
In my post yesterday I was looking at the diamond top on the SPX daily chart which was starting to break down, and then went on to close the day with a clear break below it. The falling and possible bull flag channel on TSLA also broke down by the end of the day. There are now a lot of fixed downside targets on equity indices so today I’m going to lay out all the main ones that I am watching.
This decline is led by Tech, so the first target is the one the H&S that I have been posting on the Philadelphia Semiconductor Index (SOX). That target is in the 9,150 area, and I can’t see any reason to think that target won’t be reached.
(more…)In my post on Thursday last week, among other things, I was looking at the strong rally on the Philadelphia Semiconductor Index (SOX) and looking at the very binary setup there where was (and is) likely either to head down to the fixed H&S target in the 9,150 area or, on a break back over the right shoulder high at 13,249.07, to reject back up to a retest of the all time high.
Since then SOX has given back all of that rally and made lower lows, which is favoring the move to the H&S target in the 9150 area. I would add that this H&S target is also close to the 200dma, currently at 9186.52, a very attractive target area.
(more…)Thank you, sweet baby Jesus.
Everything is running smoothly. My north star is this /ES chart (4 hour bars) which has painted out a textbook-quality head and shoulders top. If you need me, I’ll be spending some quality time with my copy of Lil’ Lovers: The Best of Midget Porn Volume VII.
No matter what you hear coming out of this room, do not open the door.
