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.
I must tip my hat with gratitude toward the Dow 15 Utilities, as they have continued to maintain their superbly bearish diamond pattern. Almost every day, my XLU position tries to fake me out, with the index lifting well into the green, only to stumble and tumble once more. The fact that, on an insanely bullish “up” day like this one, the index only eked out a 0.2% gain, is also encouraging.
Below are two charts. The first one is the Dow Jones Industrial Average which, like all other stock indexes, had a huge rally today. Take careful note of what’s happening, however. It is pushing its way back to the base of the rounded top. My view is that this top, formed through most of August, has defined a new direction in the market, and the Dow will soon resume its slippage lower.
Thanks to across-the-board revisions in faulty government jobs data, the stock market had one of its biggest rises of 2023 today. Stock market bears had been enjoying a very brief respite for a portion of August, but in recent days the bulls seem to have run roughshod over them all over again.
All hope is not lost. In the four major index charts below, all we have been doing is retracing back to major resistance. In the instance of the first and last charts, that resistance is in the form of a major Fibonacci level. For the second and third charts, the resistance is a price gap between August 1st and 2nd. Let’s see if these resistance levels hold true!
This is probably not the kind of title post you expected, but my point is a simple one: assets are all joined at the hip. It isn’t natural, it isn’t healthy, but it’s definitely real. The explosive surge you saw today on Bitcoin went hand-in-hand with the roaring markets in bonds, equities, and kitty litter. Take special note how close today’s high came to a perfect tag of the major Fibonacci resistance level. Wow!
Here is a fascinating breakdown as to what skills AI has garnered in recent years, noting in particular the places where AI is better than humans at certain tasks. Chilling stuff!
By the way, a very big chunk of my afternoon is going to be spent packing, driving, getting onto a plane, and so forth, so I’m going to vanish for a few hours. I’ll resume the Tim Content Firehose once I get settled!
