Extreme Extremes

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It has been 75 days since the tragic cessation of the one-month long bear market, and while the Stonks Only Go Up meme is totally saturated into the public mindspace, I think the ten charts below are worth your time. I’ve said a few words about each in the caption.

slopechart VIX
volatility has been destroyed, falling from almost 90 to the lower 20s
slopechart COMP
the Dow Jones Composite has pushed above its long-term trendline (green) and is back to the March 3 peak which followed the initial February sell-off.
slopechart COMPQ
the NASDAQ has, for the moment, double-topped, matching its February high
slopechart UTIL
the Dow Utilities has tagged the horizontal beneath the Jan/Feb topping pattern
slopechart XBD
Broker/Dealer index has sealed its last major price gap and is just beneath the lifetime high of February 19th
slopechart INDU
the Dow 30 has increased nearly 10,000 points since late March, and has pushed above its long-term broken trendline and is approaching the underside of the intermediate trendline
slopechart XMI
the Major Market Index is at its price gap and has returned to March 3 highs
slopechart XOI
this weekend is a big OPEC meeting, and we’ll see if this marks the reversal beneath that multi-year mountain of overhead supply for the Oil Index
slopechart IWM TLT
this ratio chart of small caps versus bonds has a very well-formed reversal pattern, and we have rallied almost all the way back to its base
slopechart SPX FR DGS
finally, and perhaps most intriguing, this ratio chart of the S&P 500 versus the 10-year interest rate is a nearly perfect channel, and we are mashed to its upper extreme