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Mind The (Island Top) Gap

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We are starting our second Academy Trader Boot Camp tonight in a webinar an hour after the close. The feedback from the last one was very positive and if you’d like to see that then scroll down to the bottom of our Testimonials page to find those. If you’d like to take this very reasonably priced and high quality four week course on TA, risk management and trading methods, there are still places available and you can sign up for that here until the RTH close today.

I was concerned on Thursday that SPX would fail to do the obvious second leg down on the likely overall bull flag forming here, and in all likelihood SPX has now broken up from that bull flag. Confirmation that SPX is going up directly comes on a fill of the open island top gap from the mid-March high at 2752.01.

I’m leaning against another leg down here but if the bears are going to have (yet) another try at that, then first support is at the ES weekly pivot 2718.25 (same area on SPX), then a break of rising support from the mid-May low, now in the 2712 ES area. (more…)