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The city where I live, Palo Alto, is not very big. The population is about 50,000 people. I was therefore more than a little surprised to see this on the front page of our little daily newspaper:
So let me get this straight………in a town with 50,000 people, there is approaching half a billion dollars in unfunded pension liabilities? That comes to over $8,000 for every man, woman, child, and blogger in this town. (more…)
On Sunday night, I happened to stumble across some really old index data (yes, my friends, this is the kind of thing I do FOR FUN on a weekend). It was from the late 1700s up until 1900, and it was representative of the US stock market. This was before the days of even the Dow Industrials, of course, so I’m not sure what they cobbled together, but it was interesting data nonetheless. I made a simple line chart out of it:
The swing high may be in, and price has a couple of decisions to make early this week to show us whether that is now the case. All charts were done either yesterday (RTH charts) or before the open this morning (futures charts) for subscribers at theartofchart.net.
SPX is on an hourly RSI 14 sell signal, and short term rising wedge support was tested twice and held as support on Friday. That has broken this morning, and subject to any short term topping process the next big trendline target is larger rising wedge support, currently in the 2455 area. SPX 60min chart: