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A few weeks ago, I pointed out that the price ascent toward the bottom of the rounded top suggested commodities, and oil in particular, was about to sink. Well, sink it did, bottoming (as did most assets) this past Wednesday. This was followed by a hearty bounce. I’m not sure if this bounce is already done, or if it’s going to get back to its price gap, but regardless, it won’t be long-lived.
I’ve been very taken by midlines lately, which are the perfectly-in-between lines between the lines which define a channel. The longer the channel is, the more importance they, and their midlines, have. I noticed that the NASDAQ 100 index is sporting one of these, and we closed precisely at that major resistance level on Friday.
September is famously the weakest month of the year for equities. It sure acted like that during the first trading week, falling sharply after Labor Day in one of the worst weeks for equities in a long while. That didn’t last, and some of the more annoyingly robust items are shown below.
First, we have the Dow Industrials fund (colloquially referred to as the “diamonds”) which is effectively at lifetime highs. Again.
