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The gains in 2023 have been so massive (pretty much triple-digit rises across the board), the bulls sure as hell better hope for QE7 through QE12 in 2024 to keep this simulacrum going. One crucial item they’re going to require is for bonds to NOT respect this trendline. If this red trendline does, in fact, represent resistance, and bonds start falling, it’s going to take away an important part of their narrative.
Eli Lilly (LLY) is truly a force of nature. This thing has gone up literally tens of thousands of percentage points over the span of decades, and it’s precisely the kind of stock which, if held, can turn a middle-class family into a rich one. The trouble is, nobody holds for that long.
The right triangle pattern, coupled with the near-closure of a price gap, is making this an increasingly appealing bearish setup. It might have a bit more to go, since the gap for DLTR isn’t quite sealed up yet.
