Well, for the 8,398th time in a row, the BTFD crowd has been proved correct. The “full-scale invasion” of Ukraine that prompted a cataclysmic, earth-shattering collapse of 8 points on the ES is now completely retracing.
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Retracement Targets
SPX traded sideways yesterday in what looked quite a lot like a bull flag, but has broken down overnight. It seems very likely that an overdue retracement has started, though we might still retest the current high to form a small double top. The main fib retracement targets are the 23.6% fib retrace at 1990, the 38.2% fib retrace at 1980, and the 50% retrace at 1973. The 50 hour MA is at 1992 and might hold for the 23.6% option. Rising wedge support has already broken, so that is no longer support. SPX 60min chart:
Dinner Comment Cleaner
Slope Theatre proudly presents, completely free of charge, the entirety of one of my favorite movies of my life: My Dinner with Andre:
Transports – Golly, What a Deal!
Finding absurdly high prices on securities these days is like shooting fish in a barrel, but one I’d like to point out in particular is the Dow Transports ETF, symbol IYT. Transportation stocks have been on an incredible tear, and as you can see from the past 5+ years, they haven’t had even a modest dip since November 2012:
