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I know that not everyone hangs out on Slope during the weekend, so just to be sure you didn’t miss it, I wanted to remind folks that:
We’re actually working on a bevy of indicators right now, and obviously I’ll announce those one by one as they are released.
The following daily chart of the MSCI World (ex USA) Index shows that price has dropped, once again, to just above the 1800 level (as of last Friday’s close).
The MACD histogram and RSI indicators are hinting that price is attempting to stabilize on this short-term timeframe and may reverse its decline that began in early July.
Even though it’s an exclusive feature for Diamond members, the grid feature in SlopeCharts is something I wanted to mention again for a couple of reasons. First, we’ve enhanced the grid feature so that it handles drawn objects intelligently (we had suppressed them before). Second, there are some pretty cool analogs going on I wanted to share below.
First, here is the Dow Jones Composite:
So, as the bulls pat themselves on the back for holding all the way down last year for a 20% draw down so that they can “enjoy” the rally we got in 2019, I hope they don’t hurt their arms and shoulders from all their back-patting. But, they may be in for a dose of realism when they realize that the market has now been completely flat for the last twelve months.
Allow me to show you a simple fact that should make bulls feel like they have exerted a lot of energy and worry, only to be completely flat over the last year. (And, yes, I am going to use a date from the middle of this past week for a reason). On August 14th of 2018, the SPX closed at 2839.96. And, now, one year later, on August 14th, 2019, the SPX closed at 2840.60.
(more…)I remain relatively light as this silly rally plays itself out. Please take note of each of the resistance levels I’ve highlighted below.
