This 3-year Daily chart of the SPX:DBC ratio (S&P 500 Index and Commodities ETF) shows that the SPX is up against major resistance, and is under the influence of declining RSI, MACD, and Stochastics indicators.
This next Daily chart shows a comparison of the SPX to DBC. They've been pretty closely correlated over the past year. I'm paying attention to the recent dip in DBC to see whether it continues down and whether the SPX follows.
I'm feeling comfortable with the market now (an unusual phenomenon for me, to be sure). I think this comes from being fresh on the heels of a profitable April and having a nice "blend" of long and short stocks (40% long, 60% short, and overall, about 75% committed with the rest in cash). I therefore don't need to pray to the kitchen god for the market to collapse the next day. I have a shot at making money no matter what the market does. (Oh, errr, and I am not long GMCR, which tomorrow should pretty much be reason enough to declare it a good day).
I apologize in advance for the long email, but a simple "+1" was not going to cover my gratitude.
I was a regular reader of Slope Of Hope, and am now a semi-regular reader, mostly due to some changing work habits. I still enjoy the blog quite a bit, and I think the world of Tim and the community. I just happened to look at SOH yesterday and saw your post. Tim has some very talented and prolific contributors, and then there is you. Your posts tend to resonate with me for quite a while. This is the third post that, in my mind, should occupy the top slots in the SOH Hall of Fame. The others of yours are (only my opinion, of course): "Pay OFF That Mortgage!" and "Which Type Trader Are You?" Great stuff indeed.
It's shown below. Nearly 2.7 million views. Sadly, it has nothing to do with charts. The distant runner-up is about Fibonacci Retracements, at not-quite 100,000 views (I have lost interest in YouTube, so I've smeared grafiti all over my videos there, telling people to just come here to Slope instead).