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Greetings from a flight across the nation, as I head toward Philadelphia. The legend of Bear Force One was buried long ago, and for obvious reasons, such as the chart below. Equities are blasting straight higher for No Particular Reason ™ although I haven’t been stopped out of a single thing.
Yesterday we saw a decent decline which was well overdue and, of the two fixed daily sell signals still fixed on the US indices, the one on DIA reached the possible near miss target, so Iām now disregarding that one, though a follow through decline that closes significantly lower today would likely reach the full target.
DIA broke slightly below the daily middle band, but rallied to effectively close on it, so no clear break. So far for me then, the daily middle band is still holding as support.
(more…)The market is a solid wall of green this morning, and I’m actually pretty pleased, in spite of being 100% short. Why would that be, Timster?
Two reasons. One, my shorts are still doing great. Two, the /ES is doing almost exactly what I had hoped. Pitch perfect!
Bitcoin (BTCUSD) has been retracing for a couple of days now and I mentioned on the premarket video yesterday morning that a possible small H&S was forming that might deliver some more downside. Since then that H&S has finished forming and has broken down with a target in the 63,500 area.
Now there is always a chance of course that an H&S may reject back up to the high, and if we see that here, this H&S would fail with a target back at a retest of the last high at 69.5k on a break back over the right shoulder high at 67,801.
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