It seems like a lifetime ago (particularly considering how miserable the past eight years have been…….) but precisely ten years ago today, I put together a little video of the iPhone launch here in my beloved Palo Alto. As you will soon hear, the audio was pretty bad (I was only 2.5 years into blogging and wasn’t the polished blogger you enjoy these days), but it’s a kick seeing how, even then, the iPhone was a huge deal. (You’ll also notice I had an honest-to-God job with a real office, and that office was right around the corner from a cool little company called Facebook). Anyway, check it out……….
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.
I posted my premarket video on my twitter before the open today as I was going out and wasn’t certain I’d be back before the close and if you missed that you can see that here. What I was talking about on ES here was a high quality falling megaphone that had formed on ES on which pattern resistance had been tested twice overnight. If that continued to hold then the likely retracement targets were either a 50% retracement back to the 2430 area or a move back to megaphone support, hit at lunchtime today at 2408.5 and very possibly bullishly underthrown at the current intraday low at 2402.25. This brings us to another important inflection point.
Well, my power to type words is diminished since the tool for doing that is starting to fail – – for instance, I cannot type the letter that appears after “A” and prior to “C” – – so I’ll visit Fry’s after the close. Anyway, just yesterday morning, I wrote……..”I suspect this third test of the support shown below will be the last. Just one more bit of meaningful bad news will push us lower enough to magically change the role of that line from support into resistance.”
Let’s hope so………
For the last several years, when we were still below the 1800 region in the SPX, we have been prognosticating that the market is going to head to the 2537-2611SPX region before any correction will be seen. Thus far, the market is still on target.
As George Santayana wisely said, “Those who do not remember the past are condemned to repeat it.” And, it seems that Ms. Yellen is forgetting her history.
When I wrote my article on March 10th, the World Market Index was trading around the 1750 level. Today (Wednesday) it closed just shy of 1900, where it faces the next resistance hurdle, as shown on the following Daily chart.
Inasmuch as the RSI is above the 50 level, I’d watch for a bullish crossover to occur on the MACD and PMO indicators to confirm that any breakout above 1900 has enough support to reach the next resistance target of 1950, or even 2000.
Failure to regain and hold above 1900 could negatively impact U.S. equities.