Like every other equity on the planet, the Dow Utilities have been flying higher since late October. Kindly note not just one, but two, horizontal lines at present price levels. Those are important!
That’s Enough, Utilities!
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.
Perfect Fibonacci Tag
Below is a chart of the Russell 2000 cash index. I’ve tinted the area which has represented the vast majority of trading over a full two years. You will note that the Fibonacci Retracements are anchored to the lifetime high, at the top, and the Covid crash low, at the bottom.
Small Cap Futures
Good morning, folks. Well, there’s just 18 trading days left this year! Let’s focus on the Russell 2000 futures, symbol /RTY, because there’s clearly some power in this red resistance line:
Garbage In, Garbage Out
Confession time! Well, not so much confession. More like correction. You see, the anchor points I was using on the /RTY futures weren’t appropriate. Yes, one of them was the high for the year, and that’s just dandy. I’m still using it. But the second one I had put at the low for 2023, and that turned out to be not very useful. The more appropriate and logical anchor point is the Covid crash low, so here is the properly-drawn Fib with its accompanying levels. I have put a thick rectangle around the range we’ve been trapped within over the past two years.
Ease Up
Good morning, Slopers, one and all. We start the pre-market off a little in the red, with all the stock futures down just a touch (about one-fifth of a percent; whoop-de-freakin’-do). The market continues to feel directionless, still gasping for breath on the heels of its Mag-7-Driven 2023.
