From Slope of Hope Jan 17, 3:25:04 PM):
Ya know, as hard as the past three weeks have been for bears, I was hanging in there just fine……….until THIS bolt out of the blue:
crap
As you surely know by now, Mnuchin – – who ANNOUNCED he was activating the Plunge Protection Team back on December 26th, was associated with a rumor that we were going to drop the Chinese tariffs. The market went berserk, and the resistance figure I cited repeatedly – 2626 on the ES – – has now become support. The key number here seems to be “26”.
Given this surge, which puts us into the 4th week of this ascent, there is definitely some damage being done to resistance lines that I consider important, such as this………..
Dow Jones Composite
………and this………(although take note of the arrow, marking the broken long-term trendline which we’re still beneath):
NASDAQ 100
…….as well as this:......MORE
Slope of Hope blog
