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A Few Charts For The Road
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A Few Charts For The Road

by The MoleJuly 3, 2018

Alright, we’re only half a session away from Independence Day and I assume many of you guys are either busy packing your bags or have left early to beat the crowd. And who really wants to look at charts whilst on vacation? Well, you’d be surprised, so here are a few medium to long term charts for the road.

As expected yesterday was a complete nothing burger with ping pong tape in both directions which ended with the bulls closing the opening gap and then once again swinging the tap in their favor.

Something else I had missed in all the shuffle recently was that big spike on the hourly Zero on Thursday June 21st which on Friday was followed by a gap lower and a concerted sell off. Strange, right? I have rarely seen something like that and since then we’ve seen a marked increase in short term volatility.

Participants seem to be changing their collective minds every other day and confusion reigns. Which clearly tells us that we are in shake out mode right now and that directional entries have much less of an edge. So playing the swings here is the best we can hope for until this tug-o-war finally produces a clear winner.

On a medium to long term basis what matters a lot more here is where we are and whether or not important support levels continue to be defended. And based on that I’d still have to give the bulls the clear advantage right now as the lower 25-day BB is holding, the 100-day SMA is still pointing sideways and not down. Especially if the daily NLBL at 2735.25 can be held post 4th of July then the bullish case starts to look a lot more plausible.

A bit more meat below the fold for my intrepid subs:

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Anyone Trading Thursday/Friday?

It’s hot as hell here in Spain right now with super high humidity and beaches packed to the hilt with Northern barbarians crowding everything. Thus we usually prefer to kick back, crank up the AC and catch up on a few chores.Ā So while you guys are enjoying your well deserved summer break I was planning to work on my educational video series.

However if enough of you are sticking around I have no issue putting up a post on Thursday and/or Friday. So please let me know what you’re up to in the comment section so that I can gauge whether or not it’s worth the effort.


About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
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  • daverg

    have a 5th
    on the
    4th !!

  • StockTalker

    Boom

  • Mark Shinnick

    Long since yesterday and knocking on some breakout…maybe.

  • http://gerb-reloaded.blogspot.com/ Gold_Gerb

    GLD,
    we may have a setup here.
    (oversold relief rally/short cover squeeze)
    https://uploads.disquscdn.com/images/f0c25098cdf45d7ba660382b36d24f1840c023430e2a26a6f1d7d4249ddbe50b.png
    -GG

  • http://gerb-reloaded.blogspot.com/ Gold_Gerb
  • Julie 35 – 25 – 36

    GG CAT 5 ema is tough possible consolidation SPX this morning’s minor gap up sold into
    JULIE

  • http://gerb-reloaded.blogspot.com/ Gold_Gerb

    taking a look at the daily, it’s gone nowhere for 6 days now.
    rough trade given the preHoliday hours. (no edge!) AND
    RSI is under 30.

  • Julie 35 – 25 – 36

    Yeah SPX up into it’s declining 21 ema and splat. Hedgies no close above 8 ema. IMO short still on
    JULIE

  • http://gerb-reloaded.blogspot.com/ Gold_Gerb
  • Julie 35 – 25 – 36

    GG The entire cast had college degrees in real life. Hilarious !
    JULIE

  • Julie 35 – 25 – 36

    Chief I am doing great We going to Harrison Lake for an overnight camping trip leaving at noon today. Have an enjoyable 4th in Spain. Must work on Thursday and Friday so if you want to post a thread OK with me. Otherwise take some time Chief
    JULIE

  • https://evilspeculator.com Sir Mole III

    That sounds like fun – see you on Thursday then!

  • BKXtoZERO

    Archie and Al would have hung out

  • Julie 35 – 25 – 36

    Chief Harrison Lake in the Gallatin Valley People everywhere and a zillion boats like California Snic ….. Tobacco Root Mins in the background JULIE https://uploads.disquscdn.com/images/c2e1b5c10ae05868acc53788819e827a6588b79b2adcb9dc13ae9df5cf980a2a.png

  • BKXtoZERO

    added to CL short via DWT, 6.14 on CL bounce after Saudi announcement

  • Julie 35 – 25 – 36

    GG 82 degrees on the 4th in the Gallatin Valley forecast. What do you have 110 degrees ? No Thanks ! Roasting like a pig ! Not us ! GG and Everyone Have A Great Holiday
    JULIE

  • http://gerb-reloaded.blogspot.com/ Gold_Gerb

    all part of the fun-of-Life & contrasts. You Too.

    http://earthbath.com/wp-content/uploads/2012/07/bulldogonice.jpg

  • StockTalker

    Bears turn now

  • http://gerb-reloaded.blogspot.com/ Gold_Gerb
  • Julie 35 – 25 – 36

    SPX posted targets previously 2667 2660
    JULIE

  • Julie 35 – 25 – 36

    StockTalker SPX the declining 21 ema has been resistance on this bounce and previous bounce
    JULIE

  • StockTalker

    Kiss her goodbye, happy 4th of July:)

  • Julie 35 – 25 – 36

    You too ST
    JULIE

  • StockTalker

    Could see a bounce here but at this point highly unlikely.

  • Julie 35 – 25 – 36

    ST The “Hedgies” still short
    JULIE

  • StockTalker

    All the MM’s are short now. Just sucker plays now.

  • Julie 35 – 25 – 36

    SPX Possible new target 2677 not 2667 Also 2660
    JULIE

  • StockTalker

    Flipping to long with a short trigger

  • Darkthirty

    1=5 @2691

  • https://evilspeculator.com Sir Mole III

    This year please take a moment to remember how lucky you are to be able to live in the best damn country on earth! Europe and many other previously free nations are turning increasingly fascist. Only the United States guarantees freedom of speech, which is non-existent here in Europe and most of the rest of the world. Happy Independence Day, everyone!

    https://uploads.disquscdn.com/images/433f4f0da54cc8f504be23210fdf442e73e2bddd28e3c26e9fe3812d43c9c392.jpg

  • Julie 35 – 25 – 36

    Chief I have always been Thankful to be an American living in the best country on earth
    JULIE

  • Julie 35 – 25 – 36

    USO I have a support 14.69 If broken then down to approx 14.42 (gap) -14 .12 – 14.02
    JULIE

  • https://evilspeculator.com Sir Mole III

    No need to remind you, I’m sure šŸ˜‰

  • randomuser6789

    Seems like an awful lot of bear talk.
    The trend is still up on a daily basis. The 50SMA is up – barely. 200SMA is up. Shortened holiday week. It may fall off the plate as you guys are positioned for, but it also may be that participation is low and MMs are just hunting stops. It could completely snap skyward on Thursday, or not. We don’t really know.

    But it takes buyers and sellers to make a market. Have a great holiday!

  • BKXtoZERO

    oh they are working hard on that free speech thing here, but yes, still a great place to be.

  • Ronebadger

    How many UP-Votes can I give this? Stay safe, everyone!

  • Julie 35 – 25 – 36

    SPX RSI still below 50 Daily PMO below it’s signal line . Daily MACD below center line and signal line. Bulls have their work cut out
    JULIE

  • BKXtoZERO

    the rule of the last 10 years is every holiday that we make it through without incident, the shorts get crushed afterward.

  • http://www.linkedin.com/in/sharondsessions/ Sharon

    Amen to that forever. And, I am headed back to Texas on Oct. 1st. Which is even better than here is by a whole lot. As the saying goes
    Don’t mess with Texas. And, I agree, I have lived there most of my life since 1957. Only been here for 3 plus a bit years. Happy July 4th to everyone.

  • http://gerb-reloaded.blogspot.com/ Gold_Gerb

    Let Freedom Ring.
    it’s not a Race, it’s not a Religion, it’s quite Unique.
    https://www.youtube.com/watch?v=ZeSf7WhTtYo

  • Julie 35 – 25 – 36

    The Banks $BKX must hold 103 support
    JULIE

  • https://evilspeculator.com Sir Mole III

    I’ve been there a handful of times and really liked the people. Straight forward and they don’t bullshit around. Women are gorgeous, steaks are huge, every other guys is driving an F150. and most are packing. More importantly, they take care of each other. My kind of folks.

    Except for Austin, it’s the ugly stain on the Texan flag.

  • https://evilspeculator.com Sir Mole III

    Liberty needs to be earned by every generation. We are not unique, although everyone keeps telling us how horrible we have it. They’ve tried many times in the past to subvert our nation and they repeatedly failed. And they will fail again.

    I’ve been watching what’s been the slow transformation from a freedom loving and democratic continent into a fascist super state over here in Europe with utter disgust. Within just a handful of years whole nations and their civl liberties have been hallowed out from within. Not going to let this happen back in the U.S. – NOT ON MY WATCH! When I return I’ll be spending considerable time contributing to the struggle.

  • https://evilspeculator.com Sir Mole III

    Alright grabbing dinner – see you guys on Thursday.

  • http://gerb-reloaded.blogspot.com/ Gold_Gerb

    Off to lunch!

  • BKXtoZERO

    What kind of things do you think are possible and through what means?

  • BKXtoZERO

    My target to paid subscribers is (0)

  • BKXtoZERO

    Ha… I went to Austin because I play guitar and love music. I was near by for work once… also hit San Antonio. It’s cool…. you never really know until you live there though.

  • BKXtoZERO

    I am gonna see if I can blow my hand off LOL

  • http://www.linkedin.com/in/sharondsessions/ Sharon

    Yes, don’t know what happened to Austin, needs to move to another state. they do NOT behave like regular Texan people.

  • Darkthirty

    I scalp, IE I trade minute charts. The global economics are extremely volatile. Long term IF this is major 4, C should bottom at 2498 + or -. How / what YOU trade should guide what you use. If you “follow” someone without your own system, then you’re a damn fool

  • BKXtoZERO

    I watched you and emupper scalping and was inspired to do more of that myself. I rarely hold unless I get a nice confirmed hit.

  • Darkthirty

    Got a few indicators that show short term reversals, caught the top this morning. Got a 5X on Wednesday weekly that expired at noon. Risky, but if you’re careful you can really stack em up……….

  • http://gerb-reloaded.blogspot.com/ Gold_Gerb
  • Mark Shinnick

    Friggin civil war over Socialism. Almost time to hook up with the 3pers.

  • http://gerb-reloaded.blogspot.com/ Gold_Gerb

    son-of-a-biscuit these guys are following my play book!
    I’ve been discovered!
    https://www.zerohedge.com/sites/default/files/inline-images/chart2_14.png?itok=zh2mtV_K

  • http://gerb-reloaded.blogspot.com/ Gold_Gerb