Short Term Inflection Point
Short Term Inflection Point
It’s been a tough week for me (Stripey’s passing and more) and I hope you can forgive me if I’m going to be brief today. We are near an inflection point which I however wanted to share before I call it a week:
The hourly spoos are testing the 100-hour SMA again and that’s interesting for many reasons. First we have two NLBLs hanging right above. If we breach those we are lined up for an acceleration higher as we are also painting an inverse H&S formation. So this could get really interesting, especially if it happens after hours. So if you’re bullish here wait for 1407 and Bob’s your uncle.
The daily is supporting what I’m seeing on the hourly. A nice snap back near the 25-day SMA (we never made it all the way to 1380, showing how weak the bears continue to be after three years of punishment) and we are now back right below the daily NLBL at 1405.75. How nicely that lines up with those NLBLs and our inflection point on the hourly!
So that’s basically our inflection point – watch the spoos for a breach of about 1406 – that’s your yellow light – 1407 is our green light. Until that happens of course anything’s possible.
Have a great weekend.
Cheers,
