Dial back the Slope clock over two months, and you will see this post called Twenty Eight Twenty Five. In the post, I marvel over the power this simple line has over the /ES:
Well, not much has changed in the many weeks since then (for some reason, I landed on the number 2826 recently as the one that matters, but they are effectively the same). We exploded higher all day yesterday, and it looked like we were on course to do the same today, given what was going on last night. However, just as we approached that level (which I’ve tinted):
Repulsion! Which is just what we want to see. The longer-term picture looks little different than it did ten weeks ago.
I will say the one area where I’ve been completely fumbling has been precious metals. I keep thinking the surge has run its course, but it hasn’t. As I’m typing this, gold is up about twenty dollars more. I think I’ll keep my mouth shut about precious metals until I’m more confident I can see clearly. In the meantime, congratulations to the gold bugs for their success, since the crypto crowd has been stealing it for so long.