On this day when the Dow hit the highest point in human history while at the same time the NASDAQ hit “correction territory” since it is 10% off its own highs, let’s catch up with some big markets.
The Dow Composite, aided by the Industrials, tagged its upper trendline. The wedge says it all, though.
![slopechart COMP](https://slopeofhope.com/wp-content/uploads/2021/03/slopechart_COMP-640x343.jpg)
The NASDAQ has been leading the way down, having tagged its own wedge the exact same way, except weeks ago. I think we’re on track to hit one of those lower trendlines I’ve drawn.
![slopechart COMPQ](https://slopeofhope.com/wp-content/uploads/2021/03/slopechart_COMPQ-640x327.jpg)
Gold, of course, sucks. The miners may have a bounce, sure, but I think ultimately they are going to utterly crumble beneath that right triangle pattern.
![slopechart HUI](https://slopeofhope.com/wp-content/uploads/2021/03/slopechart_HUI-640x327.jpg)
One of the biggest chart events of the past few days have been the failure of the semiconductor index. This is tremendous!
![slopechart SOX](https://slopeofhope.com/wp-content/uploads/2021/03/slopechart_SOX-640x327.jpg)
The S&P 500 is starting to tiptoe away from its own wedge pattern. Short-term, I think a trip to that horizontal is in order.
![slopechart SPX](https://slopeofhope.com/wp-content/uploads/2021/03/slopechart_SPX-640x327.jpg)
Lastly, my fondness for energy shorts is unbowed. I think the oil/gas index is one of the most precarious charts on the planet right now.
![slopechart XOI](https://slopeofhope.com/wp-content/uploads/2021/03/slopechart_XOI-640x327.jpg)