c505218304b50c59c3659f6dda43bae7-links-0–>Remember when we hitting up on 2100/2110 ES resistance — the same resistance level that was solid resistance for pretty much all of 2015 and most of 2016?
Everybody said to short. Instead, At that time, when we tentatively broke towards 2130 region, I posted the graphic to the right:
“When the market waves break out of a giant multi-year resistance level, watch out!
Now, we are at 2177ES — -above the 2150/2160 region that has acted as support for two weeks with the potential of further upside. It appears we now have support in the 2170 region, assuming it holds.
Nothing is guaranteed in trading, but breaking that 2110 resistance region proved to be fairly important. It remains to be seen whether we will retest that region — I believe it is likely – perhaps later this month in August.
In my weekend post: Weekend, 8/6/16 – $1,000+ from S&P @ New Highs As Predicted, I said:
“Critical regions to hold are the 19.58 region. Anything below 19.5 is immediately bearish.”
“At the moment, I’m seeing possibility of 19.58/19.61 to be tested before a bounce. From there, if we can’t get past 19.8, then there is risk for further downside.”
Well, look at this silver chart — testing that region twice — once at the Sunday night opening gap move — and again this morning.
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