Saturday, June 27, 2020

MTU Weekend Ed - Probing Support (6/26/20 close)


  1. Chart 1 - those black horizontals parallel S/R lines may not be relevant as the mkt has been running up on a inclined angle since 2009.

    I would suggest they ought to be drawn against the two 2018 peaks and you will see where things are with the recent high.

    H lines lose their relevance in certain circumstances I have noted over the years.

    1. line added, see first chart, with the usual caveat on slanted S/R lines

    2. MTU, I might suggest you draw the same green line on the NASDAQ chart (not NDX but its similar) joining the Jan & Sept 2018 peaks and youll see something special. And put that up.