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The index charts almost all say the same thing: (1) prices are in an ascending channel; (2) there hasn’t been a single violation of the channel since it began about half a year ago; (3) the government isn’t going to allow any kind of dip in equities until the election is over.
Below is Archer Daniels Midland (ADM). It hasn’t closed its gargantuan price gap, but perhaps it never will. So far, the stock has peaked at 63.09, while the price gap is just above $67. In any case, this is an impressive top, so while it’s unclear whether any more progress will be made on that gap closure, I nonetheless wanted to share this topping pattern.
Although the sine wave pattern has had uneven results, there’s one market where it has still been spot-on: natural gas. The question at this point is: is right now a perfect time to get mega-bullish on natural gas?
Welcome to a new trading week, one in which we get to enjoy one of the eight FOMC freak shows on Wednesday. As we approach the opening bell, everything is green across the board, with tech (the /NQ) being especially strong with a 1.25% gain pre-market. Since October 27th, the /ES has done little but stomp higher.
It’s about time. These wedges have been intact for nearly half a year. The failures aren’t taking place in some obscure, seldom-noticed sector. These are core breakdowns in the most important financial instruments in the nation. Let ’em burn.
