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.
Retail Review
I’ll level with ya. I’m bored to freaking tears with this market. Just absolutely stone cold bored. So I’m focused on product development.
But, the show must go on, so here are some important retail charts whose earnings came out pre-market……….Home Depot, as always, just keeps climbing to infinity, as it has done for decades:
The Next Inflection Points
I was talking on Monday about the decent looking setup for a lower high on SPX, and so it proved to be. What next?
Well the rising wedge from the early May low has broken down and almost entirely retraced. There is some possible support here, but the trend down day that ES/SPX has delivered so far today may well see 2800 support broken and the next obvious move back into the 2750 area.
SPX 5min chart:
Wilshire Boulevard
It turns out, after I dug deeply enough, there is a treasure trove of Wilshire equity indexes available in SlopeCharts. I shared my custom-made watch list with my Gold and Diamond members on Thursday night, but here are five choice-looking long-term charts which I think speak for themselves. Please note that this data is from the economic database, which is Diamond level, but the charts are pretty cool nonetheless……….
OK, So Now What?
Misplaced optimism really rubs me the wrong way. And after Thursday’s close, the world was absolutely drenched in the stuff. If you watched the coronavirus briefing, as I do each afternoon, you would have rightly assumed it was the last one. There was an enormous “good work, everyone, we’ve learned a lot, take care!” vibe to it, and it seemed clear that the mood was much very one of victory and completion.
This was reflected in the after-hours market as well. Since the ES successfully managed not to crack 2750, it took a rocket ship higher, and it tagged the line I put in place from early in March.
