A Few Charts For The Road
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. 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.