The agricultural space isn’t exactly setting the world on fire. If only the stock market could look like this! Anyway, just look at this thing grind down. Why isn’t food free at this point?
Not-So-Green Acres
Slope of Hope Blog Posts
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.
Commodities Galore
In case you had any doubts as to the overwhelming wealth of information that is contained in the new Economic Data Panel in SlopeCharts, just take a look at this (and this isn’t even all of the items in this single tidbit):
(more…)Fine Charts and Great Coffee
If you read my post on Friday talking about the rising channel on SPX that could deliver an all time high retest within weeks, then you know what I see as the key support level on SPX and that is of course that rising channel support trendline, now in the 2750 area and rising at about 42 handles per week. Until that breaks there’s really not much to talk about on the short side on equity indices.
I would note the resistance area above that is the last really significant resistance area before a retest of the all time high. That area is the ceiling established by three rallies Oct-Nov last year and those three highs were all in the narrow range 2800-17. A break and conversion of that area clears the way for the possible all time high retest that may be coming soon, and SPX is now getting close to retesting 2800.
SPX 60min chart:
Soft Commodities
Commodities, led by oil, have been very strong since December 26th (just like equities). We are approaching the 50-day EMA, however, which could be an exhaustion point for this sector.
Commodities Break Channel
Crude oil has been getting absolutely walloped for weeks now, having lost over a third of its value recently. Looking at the chart of USO below, it seems to me we are definitely primed for a bounce. The bounce will ultimately fail, but we’re really, really oversold at this point.
Sector Focus: Chemicals/Commodities
Preface to all sector posts: This weekend I’m organizing charts in a different way. I’ve picked from my existing portfolio of live short positions and have grouped favorite shorts in specific sectors. Here are the selections for this group, and hopefully the markups will speak for themselves.
