Per today’s theme: I guess I owed Julie some much needed eye bleach after her bout of nausea and vertigo triggered by yesterday’s featured image. Feel better! Alright our long campaign on the E-Mini is starting to look pretty good now and there may actually be the prospect of finding more meat on this bone. Let’s review:
Our trail now advances to ~ES 2600, plus minus depending on when you jumped in. The daily still has room to run until it bumps into resistance.
It’s the long term panel however that has my attention. Note how price is now creeping above both the 100-week and the 25-month SMA.
That’s very good medicine for the bulls because if this level can be defended today then we’ll have a weekly close on the books which may lead into a monthly close > two key resistance levels.
That said, as you can see those moving averages haven’t been touched since most of us were squeezing pimples, which puts their value somewhat into question. But there’s still that rising diagonal on the weekly panel which lines up almost perfectly.
And in terms of retracements we are now near the 50% mark, which is where the bears are expected to start planting a flag in order to stave off a full scale short squeeze.
Gold appears to be a lost cause. Until last night it looked like it was to bust higher after coiling up but at this point a revisit of the 25-day SMA near GC 1276 is likely. Oh well, you can’t win ’em all, but you sure can try! ;0]
Okay, if you will excuse me, I’ve got to spoil my intrepid subs a little:
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Enjoy your weekend!