I do not want you – – or me – – to lose sight of the big picture, in spite of the carnival which happened on Friday. You see, I was away from my screens most of the day, and seeing the raw quotes and reading the breathless headlines, I figured it was the end of the world of the one or two bears left on the planet. The moment I got back to see my screens, I saw nothing had changed. The /ES is still as wrecked as it was before.
![](https://slopeofhope.com/wp-content/uploads/2024/08/estrend-1-640x658.png)
Looking closer, you can see that Friday’s high didn’t even muster the strength to beat Thursday’s high, which was BEFORE Powell completely rolled over and went Full Pivot. That’s a big deal.
![](https://slopeofhope.com/wp-content/uploads/2024/08/esweak-640x387.png)
So, too, with the NASDAQ. The recovery has been explosive, but we’re far afield from lifetime highs, and there is NOTHING, I say again, NOTHING, about this chart which suggests a bullish setup. Quite the opposite.
![](https://slopeofhope.com/wp-content/uploads/2024/08/nqtrend-640x545.png)
We look closer once more and see how relatively feeble the /NQ rally was, considering the magnitude of the news.
![](https://slopeofhope.com/wp-content/uploads/2024/08/nqweak-640x382.png)
And this is reflected just as plainly in daily charts, as well as the intraday. I’ve been doing this whole “charting” thing for a while, and the Powell Pivot will be remembered, months from now, as a crucial turning point. Just not for the parties believed to have been its beneficiaries.
![](https://slopeofhope.com/wp-content/uploads/2024/08/slopechart_NDX-1-640x335.jpg)