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.
I wanted to point out a couple of “big picture” charts, as we all wonder just how far this dreadful countertrend rally is going to push. The first is the Dow Jones Composite, which has become, for me, the most important index to watch. There is an interesting gap that took place precisely at the start of the year. Closing the gap would only take another 1.5% push higher in the market. I’ve tinted it below.
For whatever reason, aluminum companies have been massively on the ascent. However,they are approaching important gaps that I think should cap their rise.
About ten weeks ago, I put together a post called My Dream W.A.G. (for those unacquainted with this acronym, it is a sophisticated technical analyst’s term that means Wild-Ass Guess). The core of the post was this speculative chart as to where things would go from mid-December as we moved into the new year of 2016:
SPX retraced to the bare minimum 23.6% fib retracement on Friday while forming a bull flag. That bull flag broke up overnight, and if new rally highs are sustained this morning, SPX should be on the way to test either the 50% fib retracement at 1963 or the 61.8% fib retrace at 2000. SPX 15min chart:
