Tuesday, July 24, 2018

Equities Chartology: Breakout Levels

Some people swear by ascending or descending channels and I'll grant that a series of higher highs or lower lows eventually merit the descriptor 'trend' but for the everyday analyst who won't partake of a chicken entrails and tea leaves approach (yummy), horizontal—support and resistance—lines are probably the best bet.
And Tim Knight, the proprietor of Slope seems to understand horizontal.

From Slope of Hope:

Bullish Getting Bullisher

The trend since April Fool’s Day has been relatively clear:
With Google (oh, sorry, Alphabet’s) strong results, ES and NQ are, as of this writing, are bright green, and every major index is poised to explode higher – – because, let’s face it, the bulls have had a devil of a time the past nine years and could use a break. I’ve tinted each key breakout level.