After a week of dithering around, the bulls have finally grabbed the baton and are rushing down the track. At this point, it seems that the long-cited target of 3900 (more precisely, 3906) on the /ES is on the horizon:
And They’re Off!
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Near and Far
As a follow-up to last night’s post about gap-sealing, I wanted to turn our attention to the two big crypto charts and check in on the Animal Spirits.
After the dramatic failure at 1705 last Friday (arrow below), Ethereum and the whole crypto space went into a free-fall. Since that time, it has hammered out a perfectly-formed inverted H&S pattern. This, for the bulls, should be the most encouraging chart around, since it speaks to a meaningful push higher in the final week of 2022’s first half.
Escape Velocity?
As this Knight prepares to call it a day (it’s Thursday evening as I am composing this), I wanted to note that equity futures have finally managed to get above their resistance levels. Indeed, over the past week, the markets have been banging out a fairly steady progression of higher highs and higher lows. In other words, the bulls are finally getting a break.
Economic Snapshot
I’ll just put this infographic before the “read more” bar, so it doesn’t gobble up the home page. Click on it for better readability………….
(more…)Melted Chocolate
Good God. I hadn’t looked at the chart for Credit Suisse (CS) in ages, but I guess that this is what ALL bank stocks would look like now if it weren’t for the infinite help of the central banks. Truly incredible how the might have fallen:
