I’m going to briefly set aside my griping about how incredibly annoying today’s market action is and put on my bullish cap for a moment. Let’s take a look at the /ES futures over the past month:
About 4000
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.
Powell’s Tiny Dump
After decades of spraying equity bulls with trillions of dollars of “accommodation“, the Federal Reserve is meekly and timidly trying to take away a teeny, tiny, itty-bitty morsel of the corporate welfare without trying to piss off their billionaire masters too badly. Below is shown the chart of the securities (if one dare use that term) that the Fed has purchased outright.
Got Milk?
I’m noticing a handful of the stocks in my “Recent” watch list are showing signs of life, such as electric car maker Rivian. One I wanted to mention specifically is Oatly which makes, of all things, oat-based milk. This stock has been a dog practically since Day One of its IPO, but it has recently formed a higher low and has also broken above its lifetime downtrend. Anecdotally, I can tell you that as a multiple-day-each-week shopper at various Whole Foods, I’ve never seen anyone buy a Beyond Meat (BYND) product in my life, but as for Oatly products, they can hardly ever keep it in stock.
The Evolving Markets
SPX didn’t retest the retracement low on Tuesday and that blew the best chance to do that in the next few days. The stats for today through Tuesday lean modestly bullish, and fairly strongly bullish on Wednesday and Thursday. This doesn’t mean that SPX has to close higher on all or indeed any of those days, but it does mean that the bulls have the wind at their backs on those days rather than trying to advance against it. The next day with a significantly bearish lean is July opex on Friday 15th July.
In the short term SPX gapped over the daily middle band yesterday and that was the first serious short term resistance. If we are to see a retest of the retracement low in the next few days, which is still possible, then the clearest indication for that would be a daily rejection candle today that rolled back yesterday’s candle entirely and delivered a clear close back below the daily middle band, which closed yesterday at 3630.
(more…)Slippery When Wet
It’s truly fascinating to watch the crypto creeps try to get their ecosystem back on its feet again. They’re trying. God love ’em, they’re really trying. But it seems each time there’s a breakout (and when there it, the price moves VERY fast), it just farts and rolls back down. Here is Ethereum, featured with its dazzling creator.
