Slope of Hope Blog Posts
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If you can’t beat ’em, join ’em, right? Meh. Honestly, this Trump rally has put me in a – – how shall i put this? – – deeply contemplative mood, particularly given the special insanity of this week, in which small caps lurch from record high to record high. But in the spirit of this madness, I dug through the list of 180 stocks I have in my “Bull Pen” watch list to pull out those I could still offer, with a straight face, as bullish charts.
To be clear, the vast majority of them look like this, which is all well and good for those of you with time machines, but I just don’t think it’s that useful to point out symbols that have been going up in a straight line for seven straight years now.
Bravo bulls, bravo.
Not only did you obliterate the prior all-time high in the S&P 500, but you’ve also set us on the final path higher toward /es 3000 (more on that in a moment).
But let’s not buy and hold just yet. The bulls actions have consequences, and those must be dealt with first.
Consequence #1 – AB=CD
We’ve completed an equal move from the /es (continuous) Brexit low, to the August 23rd prior high, and down to the post-election low (November 9th), with Wednesday’s blast through 2238.50.
Yesterday was a an unexpected trend day. Usually trend days arrive on Stan’s cycle trend days but not always and yesterday was one of those exceptions. The double bottom targets that I gave on Monday morning for ES, NQ & TF have now all been made, and obviously this move is developing faster than I was expecting. This increases the odds of making the next significant high in mid to late December rather than January.
The trend day yesterday clarified the pattern setup here nicely on NQ & TF. Less so on ES, but that too is likely setting up for some retracement here. The obvious target would be rising support, currently in the 2218 area. ES Dec 60min chart:
Good morning, Slopers, and welcome back to another day in December 1999 – – whoops, I mean December 2016 – – in which this headline greeted us:
It appears equity markets didn’t get the memo that this was a really big deal. The chart since yesterday resembles the EKG of a corpse.