{"id":584,"date":"2020-05-24T19:48:18","date_gmt":"2020-05-24T17:48:18","guid":{"rendered":"http:\/\/market-and-us.com\/blog\/?p=584"},"modified":"2020-05-24T19:48:18","modified_gmt":"2020-05-24T17:48:18","slug":"will-we-touch-the-top-of-the-monthly-channel","status":"publish","type":"post","link":"https:\/\/market-and-us.com\/blog\/will-we-touch-the-top-of-the-monthly-channel-584\/","title":{"rendered":"Will we touch the top of the monthly channel?"},"content":{"rendered":"\n

The last week lifted the market above the 61.8% level<\/strong>. But will the run above continue? Will we touch the top of the monthly channel?<\/p>\n\n\n\n

Market Ideas<\/h2>\n\n\n\n
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ES (daily)<\/em><\/strong><\/figcaption><\/figure>\n\n\n\n

The break above the 61.8% is done (scenario (1) of last week<\/a>)<\/em>. But we had a sideways movement <\/strong>on 4 of 5 days.<\/p>\n\n\n\n

Now Monday will be a short day for the futures because the stock market is closed. Being in the middle of the channel between 3100 and 2800<\/strong> I see two possibilities with each at 50%:<\/p>\n\n\n\n

1. Break above and the touch of the top of the monthly channel<\/strong> or
2. the bulls will get weaker and we’ll break below to 2800 and\/or lower<\/strong>.<\/p><\/blockquote>\n\n\n\n

I tend to at least a try to get the top of the channel<\/strong> and of course, it will go down sooner or later. But if it will happen after a bullish top or now as a rounded reversal?
It’s most interesting how the European market will open tomorrow to get more information about the market sentiment<\/strong>.<\/p>\n\n\n\n

Portfolio Talk<\/h2>\n\n\n\n

This week the news came out that there’s the possibility that for stocks of companies from China will be a delisting<\/strong> soon. I wasn’t sure what to do with BABA<\/strong> (Alibaba Group<\/a>), so I watched the price action. Therefore I missed the first move down but then it reversed a little up and I decided to close half of my position, some minutes later the rest of it<\/strong>.<\/p>\n\n\n\n

For me it’s always important to decide with good reasons because I have to like my decision if the stock will rally up or fall down. My reasons were<\/span>:<\/p>\n\n\n\n