For those of you who have been complaining about guest posts, take heart – – – all the contributors seem to have split. I personally like the guest posts, since they give me a breather – but oh well. Maybe there was a collective bear suicide held somewhere.
In spite of eight consecutive up days, as measured by some major indexes, the all-important /ES is still sporting a broken trendline {the nefarious thing about such an "event" is that the market can keep climbing, albeit on the opposite side of the aforementioned line).
Looking closer, you can see the past couple of days have been spinning tops – – there's a lot of tug-of-war going on at these new highs.
There is always – always – some kind of indicator, cycle, or gee-gaw in the world of technical analysis that can provide a person comfort that their point of view is the right one. I really try to avoid those games. I did get pretty excited about the Spiral Calender that Virginia Jim had been talking about, but as he himself wrote a couple of days ago, "1929-1987 Spiral Calendar Analog update. That's a wrap. DJIA closes above the predicted "final high" so the model is broken". I am actually more of a "1937-1942 analog" kind of guy, but the information Jim was showing was intriguing. But I guess that's another cycle tool throw in the dustbin of history.
I also saw on EWI – – which has unashamedly jumped from the "P3 is on!" to "P2 is still going on" camp with distressing ease – – that they were presenting the Lunar Syndonic Cycle as the latest reason that the top would be in Real Soon Now. I'm fairly open minded, but when people roll out lunar eclipses, or astrology, or planetary movements, I just move on. I'm not that desperate to be convinced that the market is about to turn.
Anyway, that's probably it for Slope until tomorrow. The guests aren't contributing, and I'm burned out.