Six days ago, I pointed out in this post that IYR had hit an important Fibonacci level. Well, it hung out there a few days, but it worked out great: just look what IYR is doing, even on a day when the market is vomiting higher………..
![](https://slopeofhope.com/wp-content/uploads/2023/07/iyrres-640x380.png)
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.
Six days ago, I pointed out in this post that IYR had hit an important Fibonacci level. Well, it hung out there a few days, but it worked out great: just look what IYR is doing, even on a day when the market is vomiting higher………..
Yet another nail in the bearish coffin: The Dow 30 Industrials have completed an inverted H&S Pattern.
After establishing a very clean base, Rivian (RIVN) rocketed higher on strong volume. Afterward, it eased back a few days but appears to be gaining strength again. The most compelling element of this data is the big surge in volume, as it seems that investors are looking at firms besides Tesla for their electric car fix.
So the /NQ is up now, having been down earlier. The /ES is up TWICE as much as the /NQ. And the /RTY is up TWICE as much as the /ES. So it’s another bull’s paradise. The one really bright spot for me is my XLU puts which, God bless ’em, are doing all right.
Yikes. Check out this one from yesterday: Lumen Technologies (symbol LUMN). Even in this market, there are still some plunge-a-roonies.