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Long-time readers know I take a strange pride in never having owned an American car. Even as a youngster, I recognized them as crap on four wheels. And for those who say, “But Tim! Yes, you! Tim! Over here! Hi! Your Tesla is American!” No, it isn’t. It’s Silicon Valleyian. A Tesla product is as far removed from the decades of Detroit garbage as one can imagine.
You’ve probably heard about the new HBO series “Silicon Valley”, based here in my beloved Palo Alto. I took a look at it last night. They pretty much got it right. Don’t have an HBO subscription? No problem! You’re a Sloper! Here’s the first episode:
My broadband connection is back up but hasn’t been back up for long so just a two chart post this morning.
SPX fell again to hit major support in the 1840 area yesterday. The very narrow and steep falling channel from the high broke up on positive 15min RSI divergence, and this is a very natural area to see a rally. What I would add there though is that a channel that looks like this one is very rarely a complete move. I am expecting a rally and then a further decline of whatever size to start from the top of that rally. SPX 15min chart:
