Relatively speaking, of course.
There was one piece of context I was hoping we could clean up while we were down here—the open gap from September 4th. Do you remember that day? It was the Friday before Labor Day. Like anyone rushing out the door for a long weekend, participating NASDAQ traders left behind unfinished business. Lo and behold, we’ve revisited and cleaned it up, see below:
That’s good news. Rallying without filling this gap would put a caveat on our foundation stone. My friend, you do not want a single crack in your foundation stones, choose them wisely.
The bad news is we still have two gaps below, and they are way lower. My hope is they are far enough to leave them out of mind for now. These are the gaps we left behind when China cut their bank borrowing rate back on 8/24..deep in the hole.
If we go back down to the lows today I may stop out a few longs. That’s all I have to say about that. Carry on.
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N100 futures: She kissed the channel line at 4264…and then said goodbye.
What are channels?