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Regarding the SPY chart below. three very positive things happened: (1) The descending trendline which defines the bear market was respected as resistance; (2) we slipped back below major Fibonacci support; (3) the ascending trendline from October 13th has been broken for the first time.
C’mon, SPY, you are so close!
Good morning, everyone. In my video last night, I specifically cited the underbelly of the broken trendline as resistance. Well, a picture speaks a thousand words – – that is precisely what happened overnight.
Good morning, everyone. Equity futures are up a little this morning, about half a percentage point as I’m typing this. It’s fascinating to me how the /ES has been steadfastly climbing along the underside of the lower right trendline of our diamond pattern. Indeed, Jesus has performed a miracle here, because he has turned a Diamond into a Fish (well, let’s be classical about it – – the shape is the fabled Ichthys pattern, which we’ve seen on rare occasions throughout the years). Clearly the “Thanksgiving week is always bullish” crowd is keeping things lofty.
