Daily Archives: November 28, 2017

Untethered

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Thank God for SlopeCharts. It gives me a creative, beneficial distraction from this New Highs Every Day No Matter The News market we’re in. It gets better, you benefit, and I don’t lose my mind. Everyone wins.

But I’ll take my hands off my eyeballs and look at a few ETFs and share a few words about them. First up is crude oil, which is probably going to have some excitement on Wednesday, between the inventory report (10:30 EST) and, much bigger, whatever rumblings come out of the OPEC meeting. As much as I’d love to see this crumble, the chart definitely looks more bullish than bearish.

slopechart_USO

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Breaking Up Isn’t Hard To Do In 2017

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Bears really haven’t made a significant impression on equity indices this year (Editor’s Note: no kidding…..….) and, statistically, there’s not much reason to think that might change in the last month of the year. One key trendline that I have been watching is the very decent looking rising wedge resistance from the 2016 low and that has broken up with some confidence today. That could still be a bearish overthrow, but that seems doubtful. More likely SPX is heading to test the next decent trendline option, currently in the 2650 area. SPX daily chart:

171128 SPX Daily

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