Down She Goes
Down She Goes
We’re down quite a few handles and there’s really not much to say about equities right now that I haven’t pointed out all week. But let’s recap – I expected a shake out and it arrived only one day late. Now we are toying around the first support zone on our treasure map – whether or not she holds we can’t be sure but the close may give us some clues:
As you can see we’re already below the daily NLSL at ES 1860.75 – the SMA is waiting just a few ticks below and the spoos already scraped it. Right now the signal range on the Zero is still pretty contained – within -1.0 and although it’s strong enough to drag things lower I wouldn’t yet rule out a bounce near the closing bell. Either way, a close below the NLSL does give us a daily sell signal – the target would be at the 100-day SMA around 1830. However, this is a risky entry as we don’t have a supporting price pattern and the previous candle is pretty long. Add the weekend and I don’t feel very tempted to risk any assets on this. Perhaps if she holds here on Sunday night I may change my mind.
AUD/CAD still below its 25-day SMA and now we get an inside candle and a shooting star. I like this one very much given the context – there’s the SMA and then there’s that NLSL right above. The Mole approves!
A few more goodies for the subs before it’s time to crack open my traditional Friday evening Hefeweizen 🙂
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And now it’s Hefeweizen time! And don’t think I’m going to rest on my laurels this weekend – I still have a bit of refactoring to do on the CrazyIvan front. No rest for the lowly Mole. See you guys all Monday morning, as usual bright eyed and bushy tailed – enjoy your weekend!
Cheers,
