This is a syndicated repost published with the permission of Slope of Hope. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.
I worry when things go this well.
I declared 2900 as “key”. We got up to about 2890 in the wee hours of the morning. I’m glad I slept through that, because I guess at one point we were actually pushing green. But I woke up (late) just a few minutes ago to see we were plunging once more.
I like chart-friendly markets, but this one is getting downright eerie. I’ve whipped up a simple chart of the ES below. The arrows mark the (incredibly obedient) points of support and resistance. The tinted areas mark the place where the role changed from support and resistance.
Honestly, I’ve been doing this a very long time, and it’s rare that charts comply like this. It’s like they’re saluting.
Join the conversation and have a little fun at Capitalstool.com. If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter.