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Courtesy of Elliott Wave International, and used with permission:
Why We Are Watching 2021
The April Elliott Wave Theorist is a rare video issue on the outlook for three key market sectors – stocks, commodities and interest rates. Editor Robert Prechter delivered this presentation on January 18, 2021. Interest rates have followed the script by rising sharply, and they have more to go. Commodities gained since that time as well. The current price action in the stock market makes now a good time to keep in mind our timing work in that sector.
We’re going to look at a 200-plus year chart of U.S. stocks prices. The data is the Dow Industrial Average going back to the 1880s. Prior to that, it’s data from different indexes that newspapers and other sources kept back in the 1800s.
Roblox Corp (NYSE:RBLX) is a fresh name that recently hit the markets. Their business revolves heavily around user generated content in the form of kid friendly online environments. Individuals make use of an extensive but relatively easy-to-learn programming language called Lua to create their own online games and virtual spaces; with the current emphasis on teaching kids the fundamentals of science, technology, engineering and math (STEM) earlier than ever, Roblox has made a real impact in furthering this learning and capturing the minds of parents, children, and educators alike.
While reading of the title of this article may cause you to make certain assumptions about what you are about to read, I can assure you that this is not a politically motivated article. In fact, politics has absolutely nothing to do with the analysis and conclusions presented herein.
I want to start with the assumption that we have spoken about so often, and that it is social mood which directs our actions in life, including our willingness to buy stocks. As Robert Prechter noted in a study he published in 2012 on this topic, “[s]ocionomic theory proposes that unconscious social mood regulates social actions.”
On a not as bad as expectedPayrolls report the US market is now at our target, which was a second hit of the upper reverse symmetrical triangle’s trend line. That became the objective after SPX took back the green lateral support area.
To review, bulls have the moving average trends, they have lateral support and they have blue sky’s unfettered possibilities. The bears have divergences in RSI and MACD with increasingly compromised bearish looks. In short, technically speaking the bears have not much more than bupkis.