It’s been a long, long time since I’ve loved what the stock market was doing, but with patterns failing, trendlines cracking, and horizontals getting toasted, it’s finally fun once more. The indexes are quite similar with respect to their failures. We’ve got the NASDAQ Composite:
The NASDAQ 100:
The S&P 100:
The S&P 500:
The failure (finally!) of the $SOX semiconductor index:
And the pitch-perfect tag of the Fibonacci retracement level a couple of weeks ago on the Rusell 2000 $RUT followed by a trendline failure. The next Fib lower seems to be a sensible target.
Longer-term, the Dow Utility Index $UTIL and its marvelous diamond pattern is still a champ.
My one throbbing worry right now is the VIX, because the poo-heads in D.C. always find a way to throw cold water on my fun whenever things just start to get cooking. The VIX has been doing nothing but making a series of lower highs for years now. If we can break 23.08, we can put an end to that nonsense.
