For weeks now, Yellen has used her witch-like powers to keep the /RTY from breaking its Fibonacci. The old biddy couldn’t do it anymore, and it finally – thank God – broke today. This is important.
The Forbidden Zone
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.
Can Third Time be a Charm?
Hurray, the holiday weekend is over! Your guilt-debt for 2024 is now at the 50% level, and after June, you’ll be done! So hang in there.
The Empire State Manufacturing Index came out, and let’s just say it’s a bit of a miss. The forecast was -4.9. The miss wasn’t -5.0 or -5.1. It was -43.7. So there’s your strong-as-hell economy for ya.
Fib O’Grouchy
Friday morning, before the regular cash market opened, I opined that stocks were probably going to find support at their major Fibonacci levels. Well, I’d say that wild guess was spot-on……..
Reaction to Jobs Report
Self-Driving Wall
As I suspected, the trio of Fibonacci resistance levels has been doing a yeoman’s job of holding back Tesla’s price from any more ascendency. You can see how well the Fibs have been doing as support (green tint) and resistance (magenta tint). I’d say we’re in for another lazy trek lower in the weeks ahead.
