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Not sure what to make of current price action. By definition, when price breaks out of a range (as in 1 below), you should see the same amount of movement above the range as you see below the range (from the base to the range). But we're going through back-to-back ranges, one after another, and...

Well, yes, that's kinda no brainer. But here's what I think most people don't understand about trendlines. While you need to connect two dots to draw a line, you need THREE TOUCHES (or more) for it to be valid. A two touch trendline is not very reliable. Otherwise, it becomes too subjective and...

They do.

I need to kvetch. I'm such a jackass. So so stupid! :banghead: Does anyone know exactly why ES topped out at 4109 today? At the time, I didn't understand. Well, now I know. I was so wrapped up with THE trendline, I didn't realize there would be another trendline. Once we passed above THE...

Hmm, I don't think we're on the same page. Maybe it's how you drew your trendline, I dunno. Consider the following charts. The first two are SPX (weekly and daily) with the same trendline drawn in both charts. Compare them to the 3rd chart, which is ES. SPX (cash index) crossed the trendline...

Well you should look at YM. My gawd, what an atrocity.

That's cash index (S&P500). My chart is ES (futures)

Warmonger you :confused:

It doesn't look like the technicals. It pierced above the TL just fine, but why it retraced back below is a mystery. But 20 points is nothing in the overall scheme of things. I would think it's rug pulling by the Wall Street to do their end of the month portfolio adjustments to report back to...

Man, who woulda thought people would bail out at the last minute. Got me all shooked up (yeah, it hit my stop, which shouldn't have IMO). :vomit: Have a great weekend, y'all!

That's called PULLBACK, not REVERSAL. :)

For the record, we've just crossed above 4100 :fistbump::thumbsup:

Just wanna mention that cash index already crossed the TL this week. There's no reason why we should reverse here and go down the toilet (again).

I'm thinking it's gonna be BTFDs all the way to the close.

4100!!

I think we'll see 4115 for certain by the close. That's the conservative target. More liberal target is 4135.

4100? Are you serious? That's only 10 points from here.

And the unthinkable usually happens at the top, so we'll just have to wait and find out.

But previously, I thought you said 4080 was the top, no? :)

You're trading like a pro now. :)