The March 13th trendline for the market has held fast. If it breaks, things are going to get interesting in a big hurry. I’ve set my SlopeAlert for this sucker with fond hopes.
Trendline Alarm Set
Slope of Hope Blog Posts
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PREMIUM: Short-Term Levels (by Xerxes)
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Small Cap ETF Levels
Below is the IWM on a daily basis. I have marked three levels of interest:
- Circle: this is the level which would constitute a “down and out” escape from the bullish pattern (which, if it does so, is a dead bullish pattern)
- Yellow Tint: a relatively easy target
- Magenta Tint: A much more aggressive, less likely target (but maybe!)
Down & Out: Do It!
Below is IWM. A couple of weeks ago, it was threatening to burst above its well-formed bullish base. This would have been the end of the world for the bears, and I would have closed my account for the year. It didn’t happen. Instead, it went limp and is now eroding toward the pattern’s perimeter.
My wish: break the barrier. Break the pattern. And don’t come back.
Two U, Two Tops
Just a beautiful example of how potent and persistent the effects of topping patterns can be:
