Good morning, everyone. Well, not much to report. As I’m typing this, the ES is up six hundredths of a single percent point, just meandering beneath its resistance line.
This is a fairly important resistance line, but one which could be very easily penetrated, because it is merely anchored to a single data point. There is, however, an absolutely enormous blob of overhead supply which, even at these levels, should serve as a severe impediment to further upside price action.
What is interesting about this “blob” is how well it is expressed in some important individual stocks. Here we see Alphabet (GOOGL) which reports after the close today. I mean, if that isn’t a top, what is?
To me, the even more compelling pattern is Amazon (AMZN) which reports Thursday after the close. To my eyes, this is the most vulnerable household name stock on my radar.
A number of you have been asking about long-time Sloper Myopia, who seems to have vanished. His famously depressive state had some of you, including Buccaneer this morning, about his well-being.
Fear not. Myopia actually wrote me on Christmas Day (naturally!) to say farewell for a little while but to pledge to come back in a few months. He extended his gratitude to Slopers for helping to keep him in better spirits (!!!) and wrote some other kind things. So he’s fine, and I’m sure he’d be touched by your concern for his well-being.