Slope of Hope Blog Posts
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I last wrote an update about the World Market Index on January 8th.
Since then, this index has continued to drop below the critical support level of 1600 and price now sits just below the next support level of 1550.
As you can see from the 5-Year Daily chart below, it’s a long way down to major support at 1350. All three indicators point to lower prices…but, the swings are large, and we may see some kind of bounce, although it’s not clear as to when or at what level that may occur.
If the U.S. markets are going to lead global markets to some kind of bounce, it’s worthwhile monitoring the price action of the SPX and the SPX:VIX ratio, as I discussed in my post of January 15th, for possible clues as to timing of such a bounce.
I’ve got twenty long positions (which, for me, is as freakish as Khloe Kardashian being granted an actual PhD from Stanford University), and they fall into a couple of categories. Most of them are lottery plays – – goofy gambles, as I’ve named them here – – which I’m hoping will bounce into yet another lower high. I’ve drawn arrows suggesting the sorta-kinda place they might ascend (and I’ve got a bunch more for Slope Plus members in a separate post today). Tomorrow I will do a “Legit Longs” post with more classically sensible long positions.