The retail fund symbol XRT appears to be reaching a resolution of its symmetric triangle.
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Bonds and Trendlines
One thing’s for sure: the two channel lines I put down for the bonds (TLT) a while ago have been doing a yeoman’s job designating support and resistance levels.
A Short But Winding Road
In my premarket video this morning at theartofchart.net this morning I was looking at the very attractive looking setup on the index futures for a sharp retracement, and since then an H&S has broken down that would look for the 4165 area on ES. That would be a backtest of the daily middle band as support, and as I was explaining looking at the ES chart particularly, this retracement may well go deeper towards the 4100 area.
Ten Broken Trends
The last few days have been very important, because we’re finally getting a meaningful number of trendline failures. These are no trivial trendlines, either: they are all the big ones from the March 23 2020 bottom. Read ’em and leap:
Candidate Retracement Low
In my last post on Tuesday I listed the three obvious targets for the current retracement from the all time high on SPX. The highest was the rising support trendline from the March 2020 low and that target was hit at the low yesterday. So far that has delivered a large rally and may well be the retracement low.
If so, then that confirms a rising wedge from the March 2020 low and delivers a clear target for the move of that low at rising wedge resistance, currently in the 3287 area, but rising of course. Possible resistance at the current all time high, but no particularly obvious reason to think that resistance would be found there.
SPX 60min 16Mo chart:
