The bulls own this market now. The bears don’t have a chance. In a few months, we’ll be at 5,000 on the S&P.
Nah, not so fast. Allow a brief counter-argument.
First of all, the VIX is at the lowest level it’s been since Covid stormed the globe. We are closer to that price gap than ever before.
![slopechart VIX](https://slopeofhope.com/wp-content/uploads/2021/03/slopechart_VIX-2-640x328.jpg)
Tech stocks remain more vulnerable to weakness than the rest of the market. Keep an eye on that horizontal.
![slopechart COMPQ](https://slopeofhope.com/wp-content/uploads/2021/03/slopechart_COMPQ-1-1-640x297.jpg)
Not surprisingly, the NASDAQ 100 has much the same setup as the NASDAQ Composite above. It’s all about that price gap.
![slopechart NDX](https://slopeofhope.com/wp-content/uploads/2021/03/slopechart_NDX-1-1-640x297.jpg)
The semiconductor sector, which has quite plainly broken its ascending trendline, did a perfect tag of its underside today.
![slopechart SOX](https://slopeofhope.com/wp-content/uploads/2021/03/slopechart_SOX-5-640x297.jpg)
Likewise, the Dow Utility Index has tagged its own busted trendline. Higher interest rates are dead ahead.
![slopechart UTIL](https://slopeofhope.com/wp-content/uploads/2021/03/slopechart_UTIL-640x297.jpg)
Lastly, the Great White Hope (or the Great White Whale, depending on how this goes) for me remains the oil sector.
![slopechart XOI](https://slopeofhope.com/wp-content/uploads/2021/03/slopechart_XOI-3-1-640x297.jpg)