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.
When the globex markets opened on Sunday afternoon, I was shocked. At the time, I had just returned my rental car at Dulles, and as I fired up my TOS app and saw the ES up about 24 points, I just about toppled over backwards.
What was shocking, of course, was that the “baseline” event – – – the high-likelihood outcome that everyone expected – – had happened, and yet it was created an explosive up-move in equities (and trashing gold). As I lamented in the wee hours of Monday morning, when I was miserably working my way out of SFO back toward home, a bullish pennant was complete.
Even though the S&P 500 Index (SPX) did not reach a new all-time high today (Monday), the SPX:VIX ratio did, as shown on the following two Daily charts.
Keep an eye on the ratio, since an RSI above 50 and upside crossovers on the MACD and PMO indicators are signalling that a new bull market is shaping up for the SPX. Such a breakout would need to be confirmed by a bullish crossover on the PMO, with the crossover maintained on the MACD and the 50 level held on the RSI on the SPX.
Long R.R. Donnelley (RRD)