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I continue to enjoy Q4 2018, and charts are behaving themselves marvelously.
Weakness is certainly starting to grab hold. It was just a few trading days ago that we were at the highest levels in stock market history on the Dow Industrials, but just look at how the Transports are falling to pieces:
I am pleased to announce some very substantial improvements to the Candle Hunter feature in SlopeCharts. We introduced this product only a week ago, and if you missed the original post, you can read it here. Premium members at the Silver, Gold, and Diamond levels can make use of this feature:
I was saying in our free monthly Chart Chat on Sunday that the obvious next downside target on SPX was main channel support, and a test of that trendline that would mean that the channel had likely evolved into a rising wedge, which is something that happens regularly. If you’d like to see the recording of that it is posted on our October Free Webinars page.
At the low yesterday SPX hit that rising support and held it, and hourly buy signals fixed across the board on SPX, NDX and RUT. That should be the start of a new leg up and, as long as that trendline support remains unbroken, the next target within the rising wedge is wedge resistance, due to reach the 2965-70 area by the time of the next high window in early November.
Full Premarket Video from theartofchart.net – Update on ES, NQ, SPX, NDX, RUT, CL, NG, GC, SI, HG, ZB, KC, SB, CC, ZW, ZC, ZS, DX, EURUSD, USDJPY, USDCAD, AUDUSD: (more…)
Just to shift gears, I’ll offer something somewhat bullish (although I don’t mean it for a second).
The emerging markets, mentioned here incessantly on Slope, have been extraordinarily chart-able for 2018. That’s plain to see from the tints I have provided below. At the moment, my eye is on that yellow since, which for the third day appears to be providing support.
It definitely is feeling like a stock picker’s market again, and that’s a very good feeling. I’ve been nicely profitable all day, in spite of the completely-for-no-reason countertrend rally. My short picks are defying the fake, phony, fraudulent bull market gasps.
One particular victory is Packaging Corporation of America, which has been getting firebombed the last two days. I’m holding my position.
The tone of the market certainly seems to have changed recently. The VIX managed to traverse from about 11 to nearly 17 within a matter of days, and some sectors, particularly in technology, are finally beginning to take on some meaningful damage. One glance at the intraday NQ tells the tale.